I must say i am surprised with the legal action, although with the current backdrop in the financial sector and with banks on the nose.. i can see this a perfect time to frame ISX as a potential saviour and change the narrative amongst the media who have been nothing but hostile to john and the board. I however do believe this will not be dragged out into a court trial. The potential for public image damage to the ASX is unusually large with this case. It would be quite easy for ISX to the paint the ASX as corrupt for not allowing a tech company, that can help fix these current KYC/AML banking issues to trade because certain board members have there own interests in another loss making tech company. That just screams of corruption to the Australian public who are already voting with their feet and leaving in droves to other neo banks/small banks (the animosity towards financial institutions is real and the ASX has not been put over the coals yet) . However i am not blind to the fact that this will cost a lot of money to pursue, which leads me to think that mediation will be on the cards first and foremost. Also if this does go to trial and ISX win... the punitive damages will be substantial (Def not 100 mill )but still a drop in the bucket for the ASX, it would be the public image and a deep concern from the ASX that ASIC may take a larger portion of control off them should a court case like this proceed in the public domain. This COULD be a masterstroke but we will have to wait and see.
ISX Price at posting:
$1.07 Sentiment: Buy Disclosure: Held
)but still a drop in the bucket for the ASX, it would be the public image and a deep concern from the ASX that ASIC may take a larger portion of control off them should a court case like this proceed in the public domain. This COULD be a masterstroke but we will have to wait and see.
