Yep they are listing rules but seriously this smacks of so much...

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mags001

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31/03/22

13:18

Post #: 60549130
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Originally posted by aes411: ↑

I haven't posted in a while as I'm just relieved ISX can now carry on its business in Europe, free from this drama.

This is an interesting twist.

ASX is saying they didn't have sufficient justification to suspend ISX prior to ASIC providing some confidential information about ISX. They are saying it was ASIC that raised the idea to suspend ISX and they were just trying to be helpful.

That "confidential information" was apparently provided on 1 October but we don't know what it is. With regards to the timing, was it during the meeting of 1 October or after the meeting but before the meeting on 2 October? Because at the close of the 1 October meeting, ASX still didn't have sufficient justification to suspend ISX. KL told ASIC "ASX would determine its next steps when ASIC advises of its view".

Yet in the market release on 11 November, ASX said it was confident about its decision and didn't need any direction from ASIC.
The SOR which states the reasons why ASX suspended ISX doesn't include any information that wasn't known to ASX at the start of the meeting on 1 October.

What then was this confidential information that ASX relied upon to suspend ISX, which ASX said the market needed to be fully informed about, yet to this day the market is fully uninformed about?

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Yep they are listing rules but seriously this smacks of so much arrogance and a "cover your r's" mentality

ASX is entitled immediately to suspend quotation of ISX’s securities or
remove ISX from the official list if ISX breaks its agreement but the absolute
discretion of ASX is not limited;
(v) ISX will comply with the listing rules that are in force from time to time, even
if quotation of its securities is deferred, suspended or subject to a trading
halt; and
(vi) ASX has discretion to take no action in response to a breach of a listing rule.

Is point vi where ASX will argue they do treat everyone the same as they are not bound to take action against a listed company (eg WBC) no matter how bad the breach is. It is a complete mess all of the ASXs own doing

ISX Price at posting: $1.07 Sentiment: Hold Disclosure: Held
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