The general manager of customer complaints at ASX called me....

The general manager of customer complaints at ASX called me. Here's a nutshell summary of the conversation:

Me: Why did the ASX refuse publish the OBJ notice?

GM: Because it didn't comply with our guidelines.

Me: That's absurd. It was a material announcement that would have had positive effect on the share price.

GM: We gave the company the option to modify it but they chose not to.

Me: I'm familiar with the guidelines. It didn't breach the guidelines. You got it wrong. They shouldn't have had to modify it.

GM: That's your opinion.

Me: It's mine among many other shareholders' opinions. You got it wrong. You need to take responsibility for that.

GM: No. That's you opinion.

Me: I don't accept your position. It's untenable. Did you make the decision to suppress the announcement?

GM: No.

Me: Then who did?

GM: One of our executive advisors.

Me: I want you to make it very clear to that person that their decision was ridiculous and wrong. You have misapplied the guidelines and the ASX needs to be held accountable for that. I'm not having my finances put in peril by the ASX's inept decisions. You are a publicly funded institution that needs to be held accountable.

GM: That's your opinion.

Me: Yes, mine amongst many others. Please convey my view to the executive advisor to whom you referred.


THE END

P.S. I encourage others to lodge their complaints. This is the first complaint I've ever made to the ASX. Frankly, I'm appalled that they make these kinds of decisions. They should be operating as a facilitator of market forces, not a suppressor. One of their essential functions is to act as conduit for information to be supplied to the market, whatever the substance. The market, not the ASX staff, should be deciding on the use that can be made of a company's proposed announcements.