I gather TOE missed the memo from the ASX"Ramping”...

I gather TOE missed the memo from the ASX

"Ramping” announcements
ASX has recently seen a number of examples of listed entities making market announcements that look to ASX to be designed to “ramp” the price of their securities rather than to inform the market. ASX has observed that in some cases, these announcements are made just before a capital raising where they appear to be directed to supporting the price of the entity’s securities ahead of the raising. In other instances, they are made just after a capital raising, where they appear to be directed to facilitating a profitable exit for some investors who have acquired securities in the capital raising.Often these announcements focus on customer developments, such as signing up a new customer or customer trial, successfully completing a trial with a customer, or achieving a “milestone” under a customer contract. Alternatively, they are expressed as “business updates”. Typically these announcements are expressed in exuberant terms, but on closer examination include little in the way of substance.Whenever ASX detects what it suspects to be a “ramping” announcement, it will not hesitate to suspend the entity and issue a query letter asking the entity:to explain its basis for lodging the announcement with ASX (i.e. was it lodged to meet the entity’s continuous disclosure obligations under listing rule 3.1 or for some other purpose); andto identify what information in the announcement is market sensitive and explain why it is market sensitive.In a number of cases, the lodgement of a “ramping” announcement has resulted in the entity having to publish a corrective announcement highlighting that the information in the announcement was not material.....
Whenever ASX detects this sort of behaviour it will not hesitate to suspend the entity, query it and require it to correct any inadequate or misleading disclosures. It will also refer the entity to ASIC for consideration of regulatory action.



I can obviously sense some unease amongst the shareholders here and ways of looking to attack the management. The thing to consider is whether you want to put any more pressure on TOE's stock price by denouncing the company's alleged poor governance and pursuing management through ASIC and ASX. The only possible outcome I see of value to shareholders is to sue the directors for breach of directors duties which would then open the pockets of the directors indemnity insurer. However, I am currently struggling to see what us shareholders can hang our hat on in terms of what actual legislative breach has been made that has caused monetary loss. You guys may have info on this that I do not? If you want to shaft the directors at the AGM, then you've also got to have replacement directors lined up with the expertise to replace them.

Just my thoughts on where this thread is going. Perhaps I have missed the point.

Looking forward to the end of November announcement on the analysis of gold prospects? Perhaps tonight after market close?

Cheers - Oracle