I think the following will go part of the way to answering your question A4.
It will be up to the ASX to prove that they have not released confidential information.
38. At 5:00pm on 22 November 2019, HWL sent a letter to Mr Moran (22 November HWL Letter) which attached the confidential information in response to question 25 of the Third Query Letter and said, as was the fact, that: (a) ISX had not refused to provide information in response to question 25 of the Third Query Letter; (b) ISX had sought to first put in place a regime to protect the confidential information in circumstances where information previously given by it to ASX had been leaked to third parties, including the media; (c) in the circumstances, the position adopted by ISX was justified and reasonable whereas the position adopted by ASX in relation to the undertaking sought by ISX was unjustified and unreasonable; (d) ISX was concerned to have its shares returned to quotation forthwith; (e) ISX therefore had no option but to accede to the illegitimate pressure being applied to it by ASX and provide the confidential information in response to question 25 without the undertaking; and (f) that he and ASX were on notice that if any of the sensitive commercial information is either released to the market without the written consent of ISX or disseminated to any third party, including the media, ISX would suffer irreparable loss and damage and would hold him and ASX liable for that loss and damage. 39. The 22 November HWL Letter further: (a) asked ASX to confirm that it would now lift the suspension of ISX’s shares from quotation without any further delay; and (b) observed that, notwithstanding the APRA investigation into Westpac Banking Corporation Limited and the subsequent media reports earlier in that week, ASX had not suspended or threatened to suspend trading in that company’s shares. 15 Doc ID 692945563/v1 PARTICULARS The 22 November HWL Letter and the confidential attachment is in the possession of the solicitors acting for ISX and may be inspected during business hours by appointment. ISX maintains that the information in the attachment is confidential. By referring to the attachment, ISX does not waive its confidentiality therein or its right to protect that confidentiality. 40. At 1:24pm on 25 November 2019, HWL received an email from Mr Moran (25 November ASX Email) which confirmed receipt of the 22 November HWL Letter and said that he had provided it to the ASX’s Listing Compliance team for their review. PARTICULARS The 25 November ASX Email is in the possession of the solicitors acting for ISX and may be inspected during business hours by appointment. 41. At 5:14pm on 25 November 2019, HWL sent a letter to Mr Moran (25 November HWL Letter) which: (a) observed, as was the fact, that the 25 November ASX Email failed to confirm that Mr Moran had communicated the confidential information to the Listings Compliance team on a confidential basis or that appropriate safeguards had been put in place to protect its confidentiality; (b) reiterated that ISX would hold him and ASX liable for the irreparable loss and damage that it would suffer if any of the commercially sensitive information was either released to the market or disseminated to any third party, including the media; and (c) provided further confidential information in order to update one figure in the confidential attachment to the 22 November HWL Letter. PARTICULARS The 25 November HWL Letter was attached to an email sent on behalf of Mr Almond of HWL to Mr Moran of ASX. A copy of the email and the 25 November HWL Letter is in the possession of the solicitors acting for ISX and may be inspected during business hours by appointment. ISX maintains that the further information provided in the letter is confidential. By referring to this information, ISX does not waive its confidentially or its right to protect that confidentiality.
ISX Price at posting:
$1.07 Sentiment: Hold Disclosure: Held
