Ann: Net Tangible Asset Backing, page-6

How can they get away with this?

ASX Listing Rule 4.12 requires the disclosure of "net tangible asset backing" within 14 days of month end. Nothing about an indicative estimate being permissible.

As for the disclaimer "should not be relied upon by any party", then why release them? Isn't this contrary to the whole spirit of the listing rules, which say:

- "Timely disclosure should be made of information which may have a material effect on the price or value of an entity's securities" (ASX Listing Rules Introduction - Principle on which the Listing Rules are Based)
- "An entity must comply with the listing rules as interpreted, in accordance with their spirit, intention and purpose, by looking beyond form to substance, and in a way that best promotes the principles on which the listing rules are based." (ASX Listing Rules 19.2)

By HML providing a number within the required timeframe, but then caveating it to the extent that it is basically meaningless and can be materially changed long after the deadline has passed (as they have already done), surely this is contrary to the ASX Listing Rules?

Does any other LIC disclaim this? Or is there some Listing Rule exception which applies to "LICs" who have invested in tangles of illiquid, related party "investments"? Are they allowed to provide any old number to satisfy the form of the Rules, while in substance the number is indicative, an estimate, can materially change later, and can't be relied on by anyone?

@uncystu should you raise this with the ASX?