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thankyou very much (and thankyou for not pointing out how lazy i...

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3,828 Posts.

452

09/12/19

11:21

Post #: 41866385
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Originally posted by Rikardo: ↑

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.

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thankyou very much (and thankyou for not pointing out how lazy i am)

that was enough reading to confirm that i will not be reading the full document....ever.

cheers

ISX Price at posting: $1.07 Sentiment: None Disclosure: Held
3 Upvote

0 Great analysis

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