5% or 100 holders I believe.
I have concerns over a de-list resolution being brought forward.
For one, what repuatable exchange is going to risk their reputation by going against the only well established exchange in Australia by accepting ISX whilst they are suspended and under investigation. What is the risk/benefit here for them? Risk of reputational damage if what is accused is true, benefit of a struggling company paying a listing fee. I am not so sure, however I am not experienced in international exchanges and their listing policies.
I am not interested in listing on the NSX, we do not have the power and influence to pull NSX up by the bootstraps by listing our troubled company on it - without a guarantee of not listing on the NSX, I will never be in favour. I don't think anyone here wants ISX to worm out of ASX straight into an illiquid exchange, with little or no international recognition.
Whilst I believe that ISX has been treated more harshly than others who have had issues, ISX is not without blame. I do not want to support a resolution that allows the current management team, JK et al. to be able to relist with limited consequences, de-listing and re-listing elsewhere puts us in a position of having to trust JK, the management team and majority holders to do what is right for shareholders with re-listing promptly and on a bourse that is acceptable. At this stage I do not feel that would be the case, there has been a track record of less than transparent dealings, and constantly having to read between the lines of announcements for the truth.
How long does re-listing take, 6-9 months+? If the court case is on going, with the next hearing in September 4 months away, whats the rush for us to bring forward the AGM and vote to delist now, esecially if the court case will be running continuously regardless of where we list.
It is a tricky situation, one where self interest means I want us to list elsewhere, but without the trust of management to do things in good faith, or without specific conditions on the de-listing agenda, I dont know if I could put my name to it.
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