Ann: Response to ASX Query, page-21

The main problem is that the wording of the rules in regards to what is material is: "a reasonable person would expect to have a material effect". Extremely vague, and gives both the regulator and the company a large, grey area with which to contend.

Importantly, the market wasn't spooked by the ASX enquiry. I've held other stocks where a similarly benign ASX enquiry sent the shares down 15%. We finished up for the day.