RE: Continued suspension of Byte Power Group by the ASX
Attention: ASX Chief Compliance Officer
To whom it may concern,
I am contacting the ASX with regard to the continued suspension of Byte Power Group (BPG) from trading.
BPG has been in continuous suspension from trading since 22 December 2017 making it at the time of writing this communication, 1 year, 8 months and 21 days of suspension of trading on the ASX.
My understanding is that the current suspension that is enforced by the ASX Chief Compliance Officer is a result of ASX concerns about BPG’s operation of its cryptocurrency exchange, BPG’s disclosure around the development of its cryptocurrency exchange and the legal status of the BPX loyalty tokens.
Based on a previous communication with the ASX it is my understanding that the ASX intends to continue the suspension of BPG’s securities until it is satisfied by the outcome of investigations by both ASX and the Australian Securities and Investment Commission (“ASIC”) and is otherwise satisfied that BPG’s securities are fit for reinstatement.
On 4 February 2019 it was announced that BPG has responded to all the ASX’s earlier queries. It also stated that “BPG will continue to work with the ASX to have the trading status of its shares reinstated and will keep the market advised”.
As a shareholder of Byte Power Group, this continued suspension from trading is causing substantial concern for myself and fellow shareholders as we are not able to liquidate our investment if we choose to do so.
Can someone please contact me with regard to this matter as I would like to understand why there has been no update since 4th February from the ASX regarding the current period of suspension of Byte Power Group? Surely this matter should have been resolved in less time than it currently has taken to date?
I look forward to your reply.
BPG Price at posting:
0.9¢ Sentiment: Hold Disclosure: Held
