If it was having such a great impact on management, I doubt we would still be in suspension!!!
As the ASX is requiring 'Re-compliance' as we didn't follow the rules, on notification of a 'substantial change in scale', the ASX is using their discretion, and the company has to follow the process, due to it now being considered a 'back door listing'.
How silly of management, not to know the rules, as I mentioned previously!!!
To date, the ASX has obviously not received notification of the EGM from management, so it can be accepted and passed on to shareholders to convene the meeting, nor the necessary compliance requirements with re-listing.
Management stated that they would instigate all these processes, in the 5th October, 2016 announcement on the ASX.
To date, no further announcement regarding this matter has been issued by management, and apparently, the ASX is still waiting on compliance with their requests to allow a re-listing.
Does it takes over 3 months to get re-listing requirements together?? Can anyone advise if this an acceptable time line???
It seems, in my opinion, it isn't the ASX holding it up. Additionally, Management is very notably silent on updating the shareholders on any progress. So who is not fulfilling their duties to the Shareholders???
I gather Management does not now seem to be in any urgent hurry, so what happened from their 5th October, 2016, announcement to now??
It seems the 5th October announcement has seriously mislead shareholders, as the matter, as portrayed in that announcement, was then being dealt with, with some apparent urgency, and there would be a meeting held as soon as possible, to resolve the matter for everyone.
We have heard nothing substantial regarding any progress from that announcement to today, 2oth January, 2017.
As stated in the announcement:
'Realm intends to call an Extraordinary General Meeting of the Company as early as possible, which for practical purposes means that the EGM should be able to be able to be held in early December 2016 (EGM). It is anticipated that this meeting will consider all resolutions necessary to comply with the ASX's requirements.
This date has come and gone, and we are now at the end of January 2017, with no further updates on anything???
For the purpose of the compliance with chapters 1 and 2 of the Listing Rules, the Company intends to seek a waiver for the compliance with the '20 cent rule' under Condition 2 of ASX Listing Rule 2.1, which requires the issue price or sale of price of all securities for which an entity is seeking quotation upon admission to the official list to be at least $0.20 in cash.
Did we actually get the waiver???? What are the steps in getting this waiver??? If we didn't get the waiver, what is the alternative next step??? Where is the advice by Management on progress, or not????
No advice from anyone to date, so again in the dark!!! Is this the real sticking point and hence no progress???
Following determination of this waiver, a notice of meeting will be sent to Realm shareholder prior to the EGM containing further information in relation to the Foxleigh Transaction, including pro-forma financial information and the effect of the Foxleigh Transaction on the Company and, if required, information in relation to the Re-compliance (Notice of Meeting). ASX have requested fifteen business days to review the draft Notice of Meeting prior to distribution to the Realm shareholders.
As NO notice of meeting has been issued, I am guessing we didn't get the waiver, as nothing has progress beyond this point. Hence, no announcement of meeting and no further updates, from any source????
What is the problem??? How is this too hard to achieve, to me it is either a yes or no from the ASX, and we should have been informed as shareholders on the progress, or not, either way!!!!
Without the waiver, can we even send a 'draft Notice of Meeting' for approval to the ASX??? I am guessing not, hence, no progress at all either side!!!
The Company will prepare and lodge a Prospectus or Information Memorandum with the ASX as part of the Re-compliance process. It is expect that the Prospectus or Information Memorandum will be lodge shortly after the Notice of Meeting is sent to shareholders.
Why the differing terminology??? Is it a 'Prospectus' or an 'Information Memorandum'. No waiver, means no Notice of Meeting, and progressing to a 'Prospectus' or an 'Information Memorandum' isn't possible until a waiver is achieved.
'....The Company will continue to keep Realm shareholder updated as the Re-compliance process progresses.'
Clearly this hasn't occurred, so Management hasn't complied with their own announcement, as maybe they can't. ASX it seems are still waiting, and we as shareholders have no idea!!!
What a brilliant stalemate and how idiotic. Some one better solve it, as clearly someone is not meeting their requirements under the legislation!!!!
I was busy a few months ago and read the announcement and just accepted at the time it was a process and didn't read it in detail but got the gist of it.
For some reason, the ASX elected to use their 'discretionary powers', so I guess management need to be even more precise on what they submit, and any leeway under the rules has been lost.
On re-reading the announcement of 5th October, it is clear, we are a de-listed company until the company adheres to the ASX's ruling of 'Re-compliance', so very clearly in limbo it seems regarding any rights under the ASX rules, or maybe even ASIC rules, as the company is no longer publicly listed. The status, does change the rules you work under.
On this note, does that mean, as the company is actually no longer publicly listed, we are no longer shareholders??? Do we have rights as shareholders in a now non-listed company, and private company, if management doesn't effect Re-compliance?
I reiterate that I am no expert, but can at least read, when I get time. Just not sure where to refer to now to read further on these odd circumstances. Are we still shareholders or not? Are we now shareholders in a private company? Is that possible? Do we have rights?
Damn back to reading more about how it works, if indeed it does, in these circumstances.
I ask again, what legislation are we now covered under? Who can sort it?? I am guessing, but didn't get a clear answer that ASIC possibly can solve it, so back to finishing that complaint, I guess, as running out of options.
However, someone is not doing something somewhere, and dead silence, as in no 'official announcements' on progress of any sort on re-listing, is all we are getting as Shareholders. So who isn't doing their job???
Cheers
GSM
RRP Price at posting:
4.1¢ Sentiment: Hold Disclosure: Held
