ASX loses appeal on Timis ban 18/06/2010 4:26:30 PM An Australian Securities Exchange (ASX) trading ban on two companies connected to controversial Romanian entrepreneur Frank Timis has been overturned on appeal.
The ban on International Petroleum Ltd (IPL) and Global Iron Ltd from trading was "infected by error", a second appeal by the companies to the ASX found, and must be set aside.
The ASX had earlier said it would not reinstate the companies, both chaired by Tony Sage, to quotation if they went ahead with an acquisition of companies linked to Mr Timis.
IPL was seeking to acquire Mr Timis' Eastern Petroleum Corporation, while Global Iron had plans to acquire African Petroleum, another of Mr Timis' companies.
Mr Timis has past heroin convictions and has limitations placed on him by the Toronto Stock Exchange.
Speaking from Greece, where he is on a business trip, Mr Sage said he was happy with the ASX appeal tribunal's decision and that the situation should never have arisen.
"My staff have taken abusive phone calls now for five or six months from normal shareholders and it didn't have to happen," Mr Sage said.
He said the situation could have been avoided if the ASX had communicated better with him and Mr Timis.
"Mr Timis has offered five or six times to meet the ASX in Sydney and on each occasion they have refused," Mr Sage said.
"There was a lack of consultation and a lack of communication that has just been the hallmark of this period in our lives."
Since the ASX made its decision, IPL has taken steps to be listed on a rival bourse, the National Stock Exchange of Australia (NSX).
Mr Sage said that listing would continue and it was possible IPL would be dual listed on the ASX and NSX now that his appeal had been successful.
He said he hoped IPL and Global Iron would be tradeable on the ASX again soon.
The ASX said it was reviewing the tribunal decision and planned to speak to all the companies involved.
"This decision has only been announced this morning to the market," ASX spokesman Matthew Gibbs told AAP
"There is no idea of timing yet.
"We are currently reviewing the tribunal's decision now, but clearly, as a result of the tribunal's decision, ASX needs to make a new determination."
He said he couldn't speculate on whether IPL would be relisted.
"The tribunal doesn't say what the decision should be, it just sets aside the decision that has already been made," Mr Gibbs said.
"We can't speculate on what we should do next beyond those things I just said."
Mr Sage said Cape Lambert Resources Ltd could also be indirectly affected by the ASX's latest decision because Mr Timis is the largest shareholder in a company called African Minerals, which is Cape Lambert's largest shareholder.
Mr Sage is chairman of Cape Lambert Resources.
Global Iron and IPL remain in a trading halt, while shares in Cape Lambert were down 0.5 cents at 43.5 cents on Friday.
CFE Price at posting:
43.5¢ Sentiment: Hold Disclosure: Held
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