If you read the ASX listing rules, you'll see the emphasis on on companies to disclose market sensitive information. It provides a bunch of info to help them discharge this responsibility. No where does it say that it is the responsibility of the ASX to make this determination.
If you're going to slam Troy on corporate governance issues, try understanding what those responsibilities are first.
"Listing Rule 3.1 requires a listed entity to disclose "market sensitive" information to ASX immediately"
http://www.asx.com.au/documents/rules/Guidance_Note_8.pdf
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