Ann: Half Yearly Report and Accounts, page-8

How many IPO's should not have listed?Ben PauleyMurdoch, AustraliaAPR 1, 2020 — A few weeks ago Sarah Danckert a journalist from the Age Newspaper wrote the following article.disallowed/business/markets/former-financial-adviser-pleads-guilty-to-cooking-ipo-spreads-20200304-p546uk.htmlSarah explains how Mark Kawecki was charged for 'cooking' IPO's. That is to say Kawecki used false information (made up company names) to meet the ASX listing criteria for IPO's. Mark was a client of the stockbroker Bell Potter.To list a company on the ASX, promoters need a minimum of 300 non affiliated investors. Listing rules can be easily bent and it's not uncommon for promoters to just make a few company names up to get the minimum number. That is what has happened here. Many of these IPO's are just scams to make money for the promoters and directors as many of us know.I believe the problem is much more widespread and serious than what Sarah's article suggests and any investor who has been burnt by a pump and dump stock should take notice of this. Many of these pump and dump companies should never have been allowed to list. I believe that ASIC and the ASX have known about this problem for a long time and ignored it. I have in my possession 7 company share registers. Shareholders from the following companies have all received letters from me, Indiore, Environmental Clean Technologies, Legacy Iron Ore and Devine Ltd. Plus I hold three other registers which I obtained to communicate with those shareholders.Mark Kawecki is in 4 of those registers. There he is 30 times in the Indiore is a classic pump and dump stock. I could prove this in any number of ways. They misled shareholders for ten years about iron ore reserves which weren't there. The company should never have existed. If it never existed those shareholders wouldn't have lost their money.