I will politely ask you to remove your post. It’s full of rubbish. No documents handed over from ASIC to ASX.
Here is the excerpt from the ASX defence
(a) in relation to sub-paragraph (a), ASX admits that as at about 9:00am on 2 October 2019, ASIC had not given ASX
i) any documents from ASIC’s “financial reporting group”;(ii) any documentary “package” of its observations from the review undertaken in the financial reporting group;(iii) any other documents;(iv) any direction under s 794D(2) of Corporations Act 2001 (Cth) to suspend the shares of ISX from quotation under the Australian Securities Exchange;
They are claiming that confidential information was given in a teleconference. Ie spoken words in the teleconference, not documents. See excerpt below.
(C) information provided in confidence by ASIC to ASX in a teleconference on 1 October 2019 that ASIC had concerns about ISX’s financial statements for the Relevant Period, including concerns about the revenue generated in the Relevant Period, which revenue triggered the conversion of the performance shares referred to in sub-paragraph (b)(iii)(A) above into ordinary shares;
The problem here, is that there is absolutely no evidence to back this claim up. No notes about what this confidential information in the teleconference was. But there are notes from all other discussions in the teleconference. How could something so confidential and so important in the decision to suspend ISX, not be recorded, when everything else was.
if there are notes of the confidential information, ASX will be in big trouble for not handling them over at discovery.
This tells us there is there is likely no such confidential information. If there was, I would expect to see affidavits from each and every person that attend the teleconference submit this as evidence to backup this claim. I don’t think ASX have lodged that many affidavits.
