Comparison of RED and SLR - half year results are in, page-25

Re : ASIC

It´s a waste of time to denounce to ASIC any breach of law, director´s misconducts , or non disclosures , because ASIC never act or enforce its own rules, even when clear evidence is brought.
The minority shareholders of SMC (around 60) have lodged for 4 years more than 60 complains and concerns to J. Shipton. J. Longo, K. Chester, C. LaBouchardiere, E. Jackson, S. Hughes etc...without obtaining from ASIC anything else than : " no need to take any action "
As a consequence of this passivity, the several TOB and finally the Compulsory Acquisition of SMC by QGold have been a huge robbery, which would
not have happened, had the Regulator done its duty.
Ex : In Dec 2019, the MD of SMC (L. McLoughlin) lodged a $ 200 Mio Mining Lease Application to the Mining Department without disclosing it to the market and to the shareholders, as required by law, thus allowing his father in law C. Wallin (QGold) to launch a CA at 50 cents and get the full control of SMC for less than $ 50 Mio ( for more than 2.0 Mio OZ of high grade gold !) . Thee discount cash flow methodology would value SMC at $ 400 Mio !
When informed by Senator PRATT (Committee Hearings, Canberra Nov 2020) of the non disclosure of the MLA to the shareholders (in order that they could not object), ASIC commissioner S. Hughes declared that no action will be taken for the amazing reason that " it had been decided already before to take no action "
This shows the respect that shareholders can expect from the Regulator

The SMC minority shareholders have supported and developed this company for a quarter of a century and are now ruined . They do not understand the reasons of ASIC behaviour , specially for an institution supposed to enforce the law and protect them .