Ann: Extension of Voluntary Suspension, page-177

Not sure thats the case. That would be a closed market and creates a huge insider trading risk or market aware risk when the suspension lifts.

what could be possible is 4DS are preparing a "technical update" in response to questions from a suitor. Instead of writing back to the suitor, they answer all the questions by publishing an announcement / technical update. Before they can accept bids / proposals or begin to respond they have to demonstrate that it was received in an informed and competitive market.

a suspension doesn't mean the bets are off, all the disclosure rules still apply, particularly the rules around providing information to suitors.

any of the companies that have been supporting 4DS and might be a suitor would be a "participating insider". Beyond the scope of their existing engagement with 4DS, very difficult for them to get more information than the market.

The 4DS management / board has a responsibility to manage this carefully so as not to risk bids being knocked back by ASIC, Takeovers Panel or shareholders...

its a complex game, but this is where the corporate lawyers earn their keep


https://www.takeovers.gov.au/content/DisplayDoc.aspx?doc=guidance_notes/current/019.htm&pageID=&Year=