I thought that I'd share with you an email received from Ramon Soares recently. I have liaised with him frequently on requested updates, however it does appear that the ASX are dragging their heals on this one. Whilst I acknowledge that the company needs to satisfy regulatory requirements it does seem that they are the problem with the relisting.
"The Company has prepared a number of submissions addressing a range of queries raised by the ASX. All these submissions were prepared within 2 days of receiving queries from our ASX advisors.
These submissions covered the proposed business model and legality of the proposed activities under our Northern Territory licence. This was supported by letters provided by two different law firms.
Very recently the ASX became aware of a campaign against Lottoland and a potential ban on lotto betting. We have been asked to comment on the impact of such ban on our operations.
Other than a review of our processes, such ban would not have a negative impact on our activities.
Following the above submission on the potential ban on lotto betting, the ASX has requested further information which we are currently working on.
We have been working very closely with our ASX advisors and responding to their requirements promptly.
Shareholders will be updated as soon as we receive more definite information."
ACU Price at posting:
1.5¢ Sentiment: None Disclosure: Held
