Ann: Company Update, page-46

one more case study dp - HDY - see below.....

The three most common ways to run foul of the ASX are failing to lodge documents, failing to pay listing fees or failing to respond to ASX queries (either adequately or at all). 

Just because a company is suspended, it does not mean it has broken ASX Listing Rules or other regulations. The ASX may have suspicions and question their financial state or conduct. 

Sometimes misconduct, or at least allegations of it, can emerge from company responses to queries. 

Hardey Resources (ASX: HDY) was suspended after making two acquisitions and giving securities (equating to nearly half the company) without transparency. 

The purchasers were just vaguely listed as ‘NV/VM Vendors’, the codes after the projects’ names. Several to and fro letters failed to convince the ASX that the conduct was acceptable and the ASX has been seeking to delist them.

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