asic determination ann, page-5

When I observe what goes on on the ASX, it makes me think the laws are deficient, and have been for decades. Yet no attempt is made to alter the laws to expunge the dodgier practices.

A start would be a forced pro-rata offering to EXISTING shareholders of any company in need to capital PRIOR to these hugely discounted placements we see so often to 'sophisticated' etc on the small stocks, effectively gutting the register (think KML).

This is a very simple legal change yet has not been enacted.

ASIC are you still listening or is it doughnut time again?