ASIC didn't explicitly ask Gordon to sell any of the 54,350,842...

1. ASIC didn't explicitly ask Gordon to sell any of the 54,350,842 (14.84%) FPOs he owns; rather, ASIC told Gordon (aka the White Knight who, 12-24 months ago, was supposed to sail in and buy out PRT for $0.40+) that his total economic interest in PRT needed to be <20%. He accidentally accumulated an economic interest >20% (in contravention of s606 of the Corporations Act as explained in ASIC regulatory guide 5) because, being the sheer genius he is, Gordon apparently couldn't sum up the ordinary stock + total return swap interests he'd accumulated.
2. Yes, the FY20 results reflect the full impact of the new C7 affiliation agreement. Unfortunately for PRT, revenue continues to go south and there's very little expense fat left to cut out (they've already sacked the expensive executive headcount). Given the relatively fixed ~$50m operating cost base of PRT and its ~45% go-forward gross margin, declines in revenue will be amplified 2-3x at the bottom line.