Ann: Suspension from Official Quotation, page-419

Started off well but then lost the thread.

1. Yes, ASIC and ASX discussed this and decided to take action.

2. They are taking action, the suspension, now because of the price volatility. The implication of that phrase in that sentence is that if the price were stable then they may not have suspended while they do their inquiry.

3. Suspension is appropriate not necessarily because of volatility but possibly also because, according to 17.3, ISX broke listing rules or to prevent trading in a disorderly or uninformed market. We don’t know why ISX was suspended other than for one of the reasons provided in 17.3.

4. We don’t know if the enquirers were in relation to the recent price volatility or not. All we know is that the enquires are into issues concerning ISX. Price issues? Who knows? The statement doesn’t say.

This is what we know:

- ASIC and the ASX decided action must be taken
- given the recent price volatility that action must be taken now
- that action is to suspend ISX under rule 16.3 for one of the multiple reasons 17.3 allows suspensions, but we don’t know which reason
- the suspension will continue until both the ASX and ASIC complete their inquiries into issues concerning ISX

I wouldn’t be surprised if a limited number of people know what the issues are that the ASX is concerned about, hence the big drop in early sept and the crazy shorting since. But that’s only a guess.