ISX Interlocutory proceeding (ISX vs. ASX) – Summary and opinion, page-90

The issue with ASX acting on the report is the performance shares were issued in July 2018 all shareholders and the ASX knew about them and that the tier 3 shares were only obtained by a slim margin yet ASX took no action until some 15 months later when the report from OM was published. The reporting of what was in that report then spooked new investors who had bought in after the issuing of the shares and riding the wave of increasing revenue that ISX was now generating. The only reason for an uniformed market was those shares were so old new holders may not have know the history all long termers, the ASX & ASIC were certainly informed.

The questions that are continually raised are the motives for the report, the leaking of the report to the market and the suspension on the back of the volatility it generated and then the subsequent revelations in respect to the behind the scenes planning of Clearpay and the NSX joint venture at the time of the suspension.