@tendoji "And if it can be proven ASX has made impossible...

@tendoji
"And if it can be proven ASX has made impossible requests around a category B license then could shareholders take legal action?"

I understand how shareholders are very upset, but you are still looking in the wrong place to find fault.

If WFE were set an impossible task by the ASX, then why didn't the company notify shareholders straight away back in 2018??
Why did the company state that the license was "an administrative matter" that would only take 4-6 weeks back in the Dec 2018 announcement??

From 3 Dec '18.... " an application has been lodged for the new joint venture company to hold the requisite license necessary to operate the Facility, which is expected to be issued in the next 4-6 weeks"

"The Company’s lawyers have advised that the issuance of the Category B License is now an administrative matter and is likely to be processed and issued within the next 4 - 6 weeks"

The ASX didn't put all the constraints on to WFE, they did it to themselves.
It was WFE that had the original plan to buy an old processing plant, fix it up, buy some ore and make a high grade cobalt concentrate.
It was WFE that didn't do all the appropriate research and study involving Independent Experts that companies need to do before raising cash from investors to change the nature of the business (from IO explorer to cobalt processor).

By just going ahead with the "Binding heads of agreement" ( from 23/7/18 announcement), instead of the studies first, the ASX told the company what they would need to get to be reconsidered for admission to the listed companies list. WFE needed the category B licence and the offtake agreement. The didn't get either and pulled the pin.

The real question is why didn't WFE find out what they needed before committing shareholder funds to this project???
It is not the ASX's fault the company didn't ask first...
It is not the ASX's fault the company went about this all wrong.

How on Earth do people expect anything to go against the ASX when it was WFE that didn't even reapply and and implement the possibility of getting rejected???

Everything always comes back to what WFE did and didn't do, and all the shareholders as a collective, that just went along and let them do whatever.