BUT: I just remembered something else.
Listed companies often have no news and no announcements while shareholders are infuriated by silence because major transactions/announcements/disclosure documents require ASX approval.
ASX approval can take far longer than listed entities would like because:
- Per ASX listing rule 15.1 (see https://www2.asx.com.au/about/regulation/rules-guidance-notes-and-waivers/asx-listing-rules-guidance-notes-and-waivers ):
- Entities must give ASX drafts for approval for all disclosure documents, notices of meeting seeking approvals under ASX listing rules, or other documents sent to shareholders seeking approval under listing rules.
- "ASX will use all reasonable endeavours to tell the entity within 5 business days whether it objects, or that it needs more time to examine the document." - so if ASX decides it needs more time then ASX has no time limit for reviewing documents.
- Under ASX listing rule 11.1, NCZ has to tell ASX if it proposes making a "significant change ... to the nature or scale of its activities". Although this normally just requires ASX review/approval of documents (under ASX's timeframes) and a specific shareholder resolution, ASX COULD (but normally only does this for backdoor listings) require full re-listing compliance. Hopefully this is irrelevant.
- The power of ASX over small listed entities (like NCZ) discourages small entities from ever blaming ASX for interminable delays.
Shareholders also often experience painful silence because of counter-parties to transactions (including intractable or obstinate minor shareholders of vendors that change their mind at the last minute when these minor shareholders finally read contracts that were sent to them a year earlier - or minor shareholders that said "yes" to avoid losing face a year earlier but meant "no"). Publicly criticising obstinate irritants may be counter-productive.
I'm frustrated enough to vent in public, but the fault may be ASX's. I wonder if this makes my consequent alcohol consumption tax deductible.
