Responses I get from ASX regarding this matter include the following..
We note in closing that, outside of ASX’s rules regarding the disposal of assets to persons of influence contained in Chapter 10 of the Listing Rules, the use to which a listed company’s funds are put is not something which ASX can take action about, because decisions made by management about the use of a company’s capital are largely regarded as within their discretion. That discretion is limited by the legal and equitable duties that apply to company directors. These duties are enforced by the Australia Securities and Investment Commission (“ASIC”)
Therefore ASX are powerless and have referred the conduct to ASIC. Hence we are waiting on toothless tiger ASIC to release any findings IMO which explains the long wait.
MED Price at posting:
0.6¢ Sentiment: Buy Disclosure: Held
