With regards to automatic de listing it's pretty unclear but here is an excerpt from ASICs own recommended changes (They also have to approve ASX's new rules for them to be implemented) to GN 33 which, although they seem to mainly be concerned with when a vote is called (hence why I'm not sure) it's about all of the exact issues we're in now:
I'd note that while these are ASICs proposed changes I believe another ASX proposed measure also mentions ASX's ability to -at it's discretion - to not apply any of it's listing rules as it sees fit - or at least I think that's what it's saying.
But in any event the ASX would need to 'automatically' delist into situation like this where the matter could quite possibly be resolved at least to the extent of replacing the board etc, that and the above and a variety of the ASX's own proposed changes including changing the definition of related parties, controlling entities, and creating a new one 'person's of influence' and many others seem generally designed to prevent all of this sort of insanity.
In the long term I would understand at least, but if they de-listed at 2 july they'd be doing exactly what JBL wants (one of the things at least - and it's a stated intention so it's a fact) and exactly what many of it's own proposed measures are clearing trying to prevent.
It's also saying "Well although we're going to go above and beyond and require you to actually get 75% of the shareholders votes to delist (I'm going from memory), we wouldn't fret about it too much because we'll actually be providing a free delisting service soon and we're actually perfectly comfortable simply ignoring the shareholders and deciding for them - especially if it makes the ASX's problem go away at the same time!"
HML Price at posting:
$1.99 Sentiment: Hold Disclosure: Held
