Ann: Consolidation/Split - SAS, page-65

respone from one of my earlier complaints

20 August 2019
Reference: 01440772
Mr XXXXXXXXXXXXXX
By email: XXXXXXXXXXXXXXX
Dear XXXXXXXXXXXXX
Sky and Space Global Ltd (‘SAS’): Your Report of Misconduct
ASX refers to your email of 14 August 2019 raising concerns about the contacting SAS, disclosure by SAS regarding
expenditure and SAS’s ongoing suspension.
ASX would like to thank you for making the time and effort to bring these matters to its attention. These types
of communications are an important source of intelligence for ASX in performing its role of monitoring and
enforcing compliance with the ASX listing rules.
It is not unusual for entities to be suspended for several months and to extend a voluntary suspension by
explaining the reason for the suspension, the event that is likely to lead to the suspension being lifted, and when
the entity expects that event to occur so that trading in its securities can resume. As outlined in ASX’s Guidance
Note 8, an entity that fails voluntarily to make relevant disclosures regarding its suspension at least quarterly
may be required by ASX to provide such information to ASX for release to the market.
SAS went into a trading halt on 4 April 2019 pending an announcement regarding a key supplier agreement. SAS
then went into suspension on 8 April 2019 pending an announcement regarding a key supplier agreement and
material business update. Following this, SAS provided a company update on 9 April 2019 in relation to, amongst
other things, its agreement with GomSpace, its new “Pearls Agreement”, planned debt funding, and signed
reseller agreements. Also announced by SAS on 9 April 2019 was the resignation of board members Michael
Malone and Di Fulton and the need for SAS to appoint two new Australian resident non-executive directors to
the board with the skills and experience to support SAS as it progresses its operating strategy and business plan.
Since this point in time, SAS’s extension requests have outlined the need to appoint two Australian resident
directors and finalise financing agreements.
Pursuant to the Corporations Act, a public company must have at least three directors and at least two of the
directors must ordinarily reside in Australia.
SAS have confirmed that they would like to hear from any complainants and that they can be emailed at
[email protected] and called on 08 6556 2400.
We hope this letter has helped clarify the situation.