SP1 (ASX) Ann: Commences Federal Court Action against ASX

Originally posted by jlo2012: ↑

“In consultation with the Australian Securities and Investments Commission and having regard to the recent volatility in its share price, ASX has determined that it is appropriate to suspend trading in the shares of iSignthis Ltd with immediate effect under Listing Rule 17.3, pending the outcome of enquiries to be made by ASIC and ASX into a number of issues concerning ISX. The securities will remain suspended until further notice."

- ASX after speaking with ASIC determined their were a number of issues concerning ISX that needed to be looked at.

- The share price volatility was a symptom of an uninformed/confused market and supportive of suspension being required.

The suspension was by my reading, due to the issues ASX and ASIC have with ISX and that the market was trading uninformed.

It’s really not that hard to read.

ISX tried to frame it as being to do with volatility alone when they released an announcement titled “Update on share price volatility suspension”.

The underlying issues concerning disclosure and performance shares have always been the primary reason for suspension..

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you've found a new angle to attack the company after everything else failed. Was it 'back to the drawing board', which is why you took this long to resurface.

And through your comments below, you assert that ASX knew all along why they were going after ISX. Now after 6 months of suspension and reviewing 1000's of documents, which disclosure issue exactly was it? And if that disclosure warranted a suspension? Friday's event made clear that ASX 'still begs the question'

"The underlying issues concerning disclosure and performance shares have always been the primary reason for suspension.."

And finally, auditors have the ability to think 'outside the box', especially when an audit's scope is around performance shares and that too when it has been done 'twice' in the same year. So why have independent auditors, scrap that section of the corporation's act and just use experts designated by ASX or ASIC or whoever else that might want to claim that right.