ASX refers to your online report dated 13 September 2018 raising concerns about the approvals obtained in Vietnam and the United Arab Emirates, the potential misconduct of a director and a reduction in the projected revenue.
ASX would like to thank you for making the time and effort to bring these matters to its attention. These types of communications are an important source of intelligence for ASX in performing its role of monitoring and enforcing compliance with ASX’s Listing Rules.
Having investigated your concerns and considered AHZ’s circumstances (including its previous practice of announcing each and every approval received), ASX is satisfied that AHZ has not breached listing rule 3.1 by not releasing a market announcement on the ASX market announcements platform relating to the approvals in question.
ASX has also reviewed AHZ’s recent disclosure regarding projected revenue and does not agree that there is evidence to suggest that AHZ’s projection for Q2 sales of ADAPT (in its announcement dated 24 May 2018 entitled “2017 AGM (July-Dec) – Chairman and CEO Presentation”
was unreasonable, or that it did not make timely disclosure of the revision to that forecast in its Appendix 4C released on 31 July 2018.
In relation to your concerns regarding the potential misconduct by the director and misleading conduct by AHZ, this is regulated by the Australian Securities and Investments Commission (“ASIC”
under the Corporations Act rather than under the Listing Rules. If you wish to pursue those matters further, therefore, you will need to do so with ASIC rather than ASX. More information about the types of matters that fall within ASX’s jurisdiction and those that fall within ASIC’s jurisdiction can be found it on our website at:
http://www.asx.com.au/documents/about/corporations-act-vs-listing-rules-matters.pdf
In relation to the ongoing suspension, as you are aware, AHZ requested a trading halt on 2 August 2018 to manage its continuous disclosure obligations. AHZ have decided to continue to remain suspended until it has finalized its recapitalization plans. Before AHZ’s securities can be reinstated to quotation, ASX must be satisfied that reinstatement is appropriate, including that AHZ’s disclosure record is appropriately updated.
(20min delay)