Again, no idea why I read this thread..but I do.I think the back...

Again, no idea why I read this thread..but I do.

I think the back and forth with company supportersand company detractors is annoying, and muddies the SPX thread(s) - generallywithout providing any detailed analysis of the company, the target market or financials.

For all of SPX's supporters faults (of which thereare a number), they at least do not appear to be holding themselves out to beexperts in certain areas, and then making misleading statements regardingstatutory (or ASX listing rules) requirements.

When a company submits an announcement to theAustralian Securities Exchange (ASX) for release, the following processtypically takes place:

1. Submission of Announcement: The company prepares the announcement, ensuring it complies with the ASX Listing Rules. The announcement is then submitted to the ASX via an online system known as ASX Online.

1. ASX Review: Once the ASX receives the announcement, it reviews the content. This review ensures that the information in the announcement complies with the ASX's Listing Rules, which require that the information is accurate, balanced and not misleading. This process can result in the ASX asking the company to make clarifications or amendments.

1. Release to the Market: If the announcement passes the ASX's review, it is then released to the market. This release is typically simultaneous, meaning it is made available to all investors at the same time. The announcement is published on the ASX's Market Announcements Platform, where it is accessible to the public. It is also typically sent to major news outlets.

1. Trading Halt: In some situations, a company may request a trading halt in conjunction with the release of an announcement. This is usually done when the announcement contains market-sensitive information that could significantly affect the company's share price. The trading halt is lifted once the announcement has been released and the market has had time to digest the information.

It's important to note that the ASX does havethe power to suspend a company's shares from trading if it believes that thecompany has breached the Listing Rules. This can happen if, for example, thecompany fails to disclose market-sensitive information in a timely manner.

What happens if at step 2, the ASX requires thecompany to make clarifications or amendments?

The ASX Listing Rules set out the requirementsfor how companies should generally communicate with the market. If the ASX, upon reviewing a submitted announcement, believes that it requires clarification or amendment, it will request this from the company. This is to ensure that the announcement is accurate, complete, and not misleading, and that it provides investors with sufficient information to assess the impact of the information on the price or value of the company's securities.

The timeline for making these amendments is notexplicitly stated in the ASX Listing Rules (I’ll happily be corrected if youcan guide me to an explicit reference that states otherwise). However, the ASX expects companies to respond promptly and in any event within the time frame set by ASX. The ASX might also halt trading of the company's shares until the necessary clarifications or amendments are made, to ensure that trading is fair, orderly, and transparent. The ASX has not requested that SPX be placed into a trading halt, and neither has SPX.

Where is this information (generally) from?

The ASXListing Rules and GuidanceNotes provide extensive details about the requirements and expectations forlisted companies.

Listing Rule (LR) 3.16.4, for example,mandates that an entity must immediately inform the ASX about material terms ofany employment, service, or consultancy agreement it or a related entity entersinto with its CEO, directors, or any other related party, as well as anymaterial variation to such an agreement.

GuidanceNote 8 (GN8), which was implemented in 2013 to provide detailedguidelines for listed entities to understand and comply with their continuousdisclosure obligations under the ASX Listing Rules. The primary continuousdisclosure obligation is articulated in Listing Rule 3.1, requiring an entityto disclose material information to the ASX immediately. This rule isinterpreted to mean "promptly and without delay," rather thaninstantaneously, indicating that the entity should act as swiftly as possiblegiven the circumstances without postponing or deferring the disclosure.

GN8 also contains guidance on when a listedentity should seek a trading halt. The ASX may generally expect an entity to request a trading halt in situations where the entity isn't ready to announce market sensitive information immediately, such as when there is a leak materially affecting share price or trading volumes, or when the entity has been required to provide information to correct a false market. A trading halt may also be necessary if there's going to be a delay in the release of an announcement under LR 3.1 while the market is trading. However, the ASX generally recognizes that an entity should not be expected to request a trading halt before it has assessed whether the specific information is indeed market sensitive. It may be that the ASX has in fact determined that the information / announcement is not market sensitive, and therefore, no trading halt is required.

Overall, if the above has taken place, and itis a@GT55 says a “growth announcement”, it may be that the ASX said that therewasn’t sufficient detail and that it should be revised. SPX could very well have considered this, and determined that they will submit it when they have further details that they can include that would support the “growth announcement”. However, this is purely speculation.