Isx are trying to sue to remove the need to comply with some requests from ASX they obviously feel are without merit, including details of contracts for some work and an independent report with the findings to be made public. These claims are on page 60 of the document released to the market.
I would argue that trying to get a court to remove the ability of ASX to demand an independent, and public report into company policies and practices is not in minority shareholder interests.
On page 61, ISX also wants to prevent ASX instructions for ISX to breakdown its revenue streams for investors in quarterly reports. This is also not in minority shareholders interests, as it would clearly reduce transparency at a time investors should be getting more from management. Revenue breakdowns in the best of times are very useful to investors.
ISX also have claims on page 61 that would prevent ASX making public any 'final reasons' on ISX which support/explain ASX actions, except confidentially passing it on to ASIC. This also comes across as wanting to reduce transparency for minority shareholders.
ISX Price at posting:
$1.07 Sentiment: None Disclosure: Not Held
