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Ann: Request for Extension of Voluntary Suspension, page-53

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rona142

4,880 Posts.

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29/12/22

14:15

Post #: 65470739
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Originally posted by Aussie Eagle ↑

"ASX likely short staffed with the Christmas break and simply just missed it. Stock is suspended from trading anyway so moving it from voluntary to involuntary suspension is just admin."

Just a further note on this -
Let's say hypothetically CGB indeed contacted the ASX anytime since (and including) the 23rd Dec/today, which was their obligation, and that contact contained information that the proposed acquisition was either going ahead or no longer a concern, therefore the suspension could be lifted.

As you say above, the ASX 'simply just missed it' - where does that leave the (any) company and the ability to have it's securities released for resumption of trading again ?

With respect, I'm not having a go at all, please don't get me wrong, but it does raise an interesting scenario.

'Interesting' in that if the suspended company remained in that status because of the ASX 'simply missing' a note of conclusion to (in this case) a proposed acquisition, they couldn't be accused of insider trading if they suddenly dumped (or bought) millions of shares as soon as they called the ASX to tell them they missed their notification and the ASX took the suspension off in the middle that trading day
Do you see what I mean ?
The company and 'those in the know' could financially position themselves in such a way as to take full advantage of the ASX making a mistake and nothing could be done about it except to keep the suspension until the following day (pre-open) when the Market was fully informed.

So yeah, they can't afford to 'simply just miss' it.

Expand

My suggestion is there is no announcement from the company hence the ASX is not prioritising simply moving it to involuntary suspension. It's a moot point the stock is already suspended.

They would be prioritising screening companies actually pushing announcements out. Also not making excuses just stating the reality of how businesses work during times like this.

CGB Price at posting: 2.1¢ Sentiment: None Disclosure: Not Held
4 Upvote

0 Great analysis

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