Citation Resources Limited (the” Company” or “CTR”)
Thank you for your email dated 16 September 2014 regarding listing rule 7.1 and particularly the use of listing rule 7.1 in relation to CTR’s notice of meeting lodged on the ASX platform on 8 September 2014. ASX very much appreciates people who take the time and trouble to bring to its attention potential cases where an ASX listed entity may not be complying with its obligations under the Listing Rules. It is an important source of intelligence that helps us to perform our role of monitoring and enforcing compliance with the Listing Rules.
We are writing to confirm that ASX is investigating this matter to determine if there has been a breach of its Listing Rules and also to outline the possible outcomes of that investigation.
Possible referral to ASIC
If ASX finds that a listed entity has committed a significant breach of the Listing Rules, it is required by law to refer the breach to the Australian Securities and Investments Commission (ASIC), so that ASIC can then consider whether or not it wishes to take criminal or other regulatory action in relation to the breach.
Under a protocol agreed with ASIC, ASX is required to keep information about such referrals strictly confidential. Accordingly, we will not be able to tell you if we refer the issues you have raised regarding CTR to ASIC or about any action that ASIC may be taking in response.
You should note that if we are obliged to refer this matter to ASIC, we may have to pass across to ASIC your personal details, as well as the other information that you have provided to us about this matter.
Other possible action by ASX
If ASX finds that a listed entity has breached the Listing Rules, in addition to referring the matter to ASIC, it may take action of its own accord to redress that breach. Sometimes that action will be made public through market announcements by ASX or by the listed entity. Other times, it may not be made public. Further information about the types of action that ASX may take against a listed entity for breaching the Listing Rules is available on our website at:
http://www.asx.com.au/documents/about/listing-rules-enforcement.pdf
It is our policy, for confidentiality and other reasons, not to notify an informant or complainant who raises with us a possible breach of the Listing Rules of the outcome of our investigation into the matter. If the matter is to be dealt
with publicly, a market announcement will be made in due course so that the entire market is aware of the way in
which it has been dealt with. Otherwise, the investigation and its outcome will remain confidential.
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Accordingly, if you do not see a market announcement about the issues you have raised, you should assume either that our investigation has concluded that there was no breach of the Listing Rules or, if there was, it has been dealt with to our satisfaction on a confidential basis.
Rest assured that we take our obligation to monitor and enforce the Listing Rules very seriously and if we do find that CTR has breached its obligations under the Listing Rules, we will take appropriate action against it.
Yours sincerely,
(20min delay)