Ann: Level 1 American Depositary Receipt Program, page-28

"If he does speak to management, there would only be so much he could divulge."

I think you may need to scrub up on your Continuous Disclosure rules. Top 20 holder or not, the company can't divulge market-sensitive information to him. Separately, one has to wonder what the efficacy of this US listing is. I doubt tech-savvy US investors are going to look at opaque TCV metrics any differently to ASX ones. I wrote this back on 22 March when the SP was 10.5c, I think it's still true:

Now I see they’ve essentially hired a company to promote their stock overseas, presumably because they can’t find any more punters on the ASX to drive it up. Sadly it looks to have played out as warned back when it was in the November Trading Halt. Forgive my skepticism but it doesn’t look pretty. The market isn’t always right, but it usually is; if you can’t understand why your once-in-lifetime stock is being ignored, you may need to critique your own analysis further. GL.