Arcon, probably best to direct that question at ASIC. Very much doubt anybody outside ASIC or KM will know the actual answer to your question. Certainly seems very wrong.
I understood ASIC was supposed to act as protector of shareholders rights? I certainly do not understand how the current secretive, non disclosure regime is of benefit to shareholders. Maybe I misread ASIC mandate?
KM seem to think this is commercially sensitive information. How they justify this statement is beyond my understanding when one considers Arrium was a publicly traded company and provided detailed segmental reporting up to 31 December 2015. We must assume the potential purchasers are being provided with a consistent set of financial statements, so why should this be confidential to the purchasers only?
I do understand shareholders currently have no rights. Our brilliant directors gave up those rights when they placed Arrium into VA by appointing GT.
Who would object to full and open disclosure by KM? If the potential buyers then please explain how this will have a negative impact on the offer price for AA businesses and assets.
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