Not quite correct (IMO) based on my interpretation of the Listing Rules.
Listing Rule 17.3 - by itself is just a general rule under the heading of "suspension not at the entity's request." ASX may at any time suspend an entity's +securities, or a +class of them, from +quotation if in the ASX's opinion any of the following applies.
Whereas; 17.3.1 may apply in this case? ~ The entity is unable or unwilling to comply with, or breaks, a listing rule. + unable, based on Listing Rule 3.1A.1 - see below.
17.3.2 It is necessary to suspend +quotation to prevent a disorderly or uninformed market. ~ as the Company was already in a requested suspension at the time, this wouldn't be appicable?
17.3.3 ASX rules require the suspension. ~ the ASX has not stipulated what and/or if any Listing Rule has been broken. ~ all they have done is utilised their discretion under the broader 17.3 general rule!
17.3.4 It is appropriate for some other reason. ~ this will (IMO) by the likely sub rule that the ASX is utilising, as they deemed the reply to their letter as inadequate.
Given the above, (again IMO) based solely on my interpretation of the Listing Rules;
The Company (IMO) are actually following the ASX's own Listing Rules as per Guidance Note 8; specifically 3.1A.1 Continuous Disclosure 3.1 Once an entity is or becomes aware of any information concerning it that a reasonable person would expect to have a material effect on the price or value of the entity's securities, the entity must immediately tell the ASX that information.
3.1A Listing Rule 3.1 does not apply to particular information while each of the following requirements are satisfied in relation to the information: 3.1A.1 One or more of the following 5 situations applies ~ it would be a breach of a law to disclose the information; N/A (opinion) ~ the information concerns an incomplete proposal or negotiation; ~ the information comprises matters of supposition or insufficiently definite to warrant disclosure;
Mexican standoff? or a conflict of Listing Rules when a Company can be suspended, not at their request, from breaking a Listing Rule whilst they are adhering to another Listing Rule??
With the ASX suspension, it has given the Company what they actually (allegedly requested) and more, the Company requested 4 weeks, they can take their time and get the lot of the negotiations completed without having to apply for further extensions.
(20min delay)