From reading recent posts, it seems many posters have different ideas about what should now happen with the APG board.
Some posters want the entire board gone, some want Colin Iles to stay, some will forgive all past board misdeeds if the shareprice jumps to 10c.
Some posters say they want justice to be done – and talk about ongoing investigations by one or more of the following: ASX, the APG Shareholder Group or ASIC.
But with APG currently suspended and running very short of funds – what are the chances that APG management/directors will ever be held to account???
ASX is a publically listed company, that runs the Australian Stock Exchange.
ASX’s Listing Rules govern disclosure requirements and some aspects of the conduct of companies who want to list on the ASX.
I think the ASX has suspended APG a few times before for not providing reports on time. But the ASX does check the honesty of those reports.
If the ASX finds the company in breach of ASX Listing Rules, then the ASX simply will not allow APG to list. Shareholders will be the losers here.
Don’t hold your breath for the ASX to take any action against directors.
The APG Shareholder Group was concerned with trying to remove the APG board at the December 2019 AGM.
I have little knowledge about this group of shareholders. I am not a shareholder.
Hotcopper posters still make reference to this shareholder group so I suppose they are still active. I wish them luck.
But any legal action that the APG Shareholder Group takes against the board/management will surely require more financial backing from long suffering shareholders.
Will shareholders still give financial support to a legal action – if APG is delisted, and has no money left?????
ASIC is the Australian Corporate Regulator, that administers and enforces the Corporations ACT 2001.
APG management and directors must comply with the Corporations ACT 2001.
If you believe that directors have committed misconduct then I believe shareholders best chance of seeing justice is to lodge a REPORT OF MISCONDUCT with ASIC at (https://compliance.asic.gov.au/#/form/583b77dc397bbc319837ea2a/app/60d7fc868c21212e04a6c8e9).
This Report of Misconduct should be accompanied by supporting data.
This is an excerpt from from ASIC describing how it assesses reports of misconduct.
“ We are more likely to take action when it will be in the widerpublic interest and in line with ASIC's objectives of fair and transparentmarkets and confident and informed investors and consumers. However, we donot generally act for individuals.
We weigh every report of misconduct that we receive against :What is the extent of harm or loss?
·What are the benefits of pursuing the misconduct?
·How do other issues, such as the type and seriousness of themisconduct and the evidence available, affect the matter?
·Is there an alternative course of action?
Under the laws we administer, we have the discretion to decidewhether to take further action on reports of misconduct that we receive.”
I know that a few posters have already said they have raised this issue with ASIC – but I have not seem anything to indicate that ASIC is actually taking any action about these complaints.
Good luck
Wilcox
