ASX Suspension - Compliance

Am I missing something here?

I have reviewed the offending announcements in March that have lead to the ARV suspension yesterday. I read these announcements as a clearer indication of the resource available from a potential open pit, which include volume, grade and strip ratios, together with a proposed extraction rate, without which the information is meaningless. I do not read them as production guidance, which to my mind is stretching semantics beyond what is reasonable.

ARV have stated that they are continuing with a drilling programme to further improve the extent of the resource and their level of confidence in the volume and grade, which would also have an impact on the potential open pit. Would any of these expected announcements also lead to suspension, how is the market to be informed of developments. ARV have been quite assiduous in their reporting releasing information as it becomes available is this also part of the ASX criticism? I think the measures taken by the ASX are disproportionate to the issue and I therefore lodged a formal complaint to the ASX yesterday on the basis that the one line announcement by the ASX was misleading and lacking in information.

I agree with Melv97, Perdant and Acca that the ASX appear very lax on market transactions, such as shorting and price manipulation, which many small holders experience on a regular basis on the smaller capitalisation stocks they may hold. Complaints are ignored by both ASX and ASIC. No steps have been taken to force institutions that short stocks to declare their position and the name of the entity doing so, including the entity leading the stock, this does not apply to small holders they are not permitted to undertake such strategies. One can only draw the conclusion that ASX rules are solely for the benefit of the institutions that operate in the market and major institutional investors. The way I see it the actions of the ASX highlighted by this most recent event show a compliance ethos that is attempting to justify its existence rather than undertake meaningful oversight of market operations.

I would therefore urge other posters who like me feel that the ASX action was disproportionate to lodge a formal complaint.

Some may think that it would be a waste of time, but our financial institutions have not exactly covered themselves in glory as revealed at the recent hearing of the Royal Commission into Banking. Should the ASX continue to behave the way it does at some point a major scandal may well force a similar review of their activities and it would be well for them to start considering a large number of complaints on their handling of market operations rather than supporting the larger players in the market.

For the record I hold ARV, but please do your own research and draw your own conclusions.