So far I have complained about LIT not including the defeating condition re LIT share price being <20%. ASIC has said that it is a matter of PWN and the others, so that is closed unless PWN shareholders raise the matter. I have complained that there was a conflict of interest in PWN directors choosing to support LIT. ASIC has said that it is a matter of the PWN shareholders etc.
I also complained that AG and BW and a geo sold a brine project to RLC. I presented an argument showing that the inquiry would have come to AG as LIT MD and the project should have been LITs. ASIC rang me within minutes of RLC voting to accept the deal, saying that AG declared his interest and the RLC shareholders had voted to accept.
I have also complained about the lack of answers re SL but have yet to receive a reply.
ASIC has a policy which is not to disrupt the market, so their response to a report is not black and white. They are not going to take action against a director if it results in the shareholders losing money. AG has flown close to the wind and has landed on his feet every time. He has had a lot of experience, he has been around a long time. His track work is 12 fails from 13 and you cannot call the SP of LIT at the present a pass.
LPD Price at posting:
1.4¢ Sentiment: Buy Disclosure: Held
(20min delay)