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$1.07 southern cross payments ltd

Ann: Withdrawal of Cleansing Notice, page-157

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Caveat Venditor

278 Posts.

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21/12/19

11:54

Post #: 42083572
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Originally posted by quiet_observer: ↑

no the cleansing notice wasnt rejected by ASX, the corporations act prevents that form of cleansing notice being issued when an entity has been suspended for more than 5 days over the past 12 months
therefore ISX wasnt permitted by law under the corporations act to issue that cleansing notice and have only now realised that, hence the withdrawal - some lax corporate administration going on there and not knowing its legal obligations under the corps act, even if ISX has been distracted by other matters
the 12 months is relevant because the corps act prevents the onsale of securities within 12 months of their issue without disclosure (eg prospectus or cleansing notice) being made by the issuer, ie ISX - but instead of withdrawing the cleansing notice, ISX could issue a cleansing prospectus when it starts trading again

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would only apply to a retail sharholder not wholesale /sophisticated.

ISX Price at posting: $1.07 Sentiment: Hold Disclosure: Held
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