AZS (ASX) Discoveries on a silver platter

Originally posted by Dazedandconfused ↑

Hi JandJ

I don't know enough about it to offer specific advice. The little bit that I do know is manipulation will be concerns for ASIC. Things like significant holder notices are actually taken very seriously by the authorities and it is one way to approach the problem.
Those times when you see some big institution come to the market and suddenly they own 8% or 9% and when you go through the notice and do the numbers [if they have supplied a complete list of buys and sells with the notice] you frequently see they passed the 5% threshold months before finally announcing their holding. That institution has not complied with their obligations but they get away with it most of the time because nobody has twigged in real time and lodged a complaint. Also it is not chased down retrospectively by authorities unless there is some problem which arises later [voting exclusions, takeovers etc].

If AZS is concerned then the company secretary is the best placed to track all the goings on. If the company is not concerned but shareholders are, then, somebody has to request copies of the register for multiple dates and do the detective work. Retail shareholders suffer a distinct disadvantage in all of this because frequently there is a charge applied for a copy of the register whereas the company does not have that same cost burden.

In lodging a complaint with ASIC, it does require the person doing so to make specific allegations which are substantiated with some evidence. That is not necessarily onerous, for instance the best starting place is the company itself... and should it transpire that the company does not take steps to examine the matter then the shareholder might begin by including that as a part of the complaint.

Complaints to ASIC, contrary to popular myth, are taken seriously. ASIC has very wide powers of investigation and they are very thorough.

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Interesting to read the ASX will not assist you in a complaint about stock price manipulation

http://www.asx.com.au/about/enquiries-and-complaints.htm