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Mountainbike

1,703 Posts.

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26/02/21

04:10

Post #: 51343864
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Originally posted by shift: ↑

ASKING ALL FELOW SHAREHOLDERS TO ACT.
THE MORE THAT EMAIL ASX AND ASIC THE BETTER.
CLE IS IN THE RIGHT.

Dear Renae (ASIC) and Hon Mr Josh Frydenberg,

ASIC Enquiry Number: 1-42106117468
ASX Case Reference ID 02134539

Mr Frydenberg, I am a regular mum and dad investor. I again write to you and ASIC for a third time about the ASX company CYCLONE METALS LIMITED. The company was temporarily suspended from trading by the ASX in 2020. Over the past many months, I have been waiting patiently for CLE to be allowed by the ASX to relist. I have the attended CLE annual meeting and researched extensively about this issue. Their does not appear to be any legitimate reasons why CLE cannot relist. I have been in contact many times with ASX and I have had no luck with getting a response that actually answers my questions (see attached). Based on ASIC last email which gave me some advice on how to work with ASX, I have not been successful. I now request that ASIC step in to help me and the other shareholders caught up in this mess. To get you started in your investigation, your first point of call will be Tom Randall and Elizabeth Harris at ASX. They have been my contact.

Some further detail from ASIC recent advice to me

In response to ASIC suggestions email where you suggest I ask ASX the following:
"All licensed financial services or credit providers must have a process to resolve disputes with consumers directly. This is known as an 'internal dispute resolution' (IDR)".

I received the following email from the ASX (Full email attached) when I asked them about this.
ASX " I confirm that ASX does not operate a dispute resolution process"
So I ask the ASIC to step in now and contact ASX on my behalf to run the dispute resolution process. I feel both ASIC and ASX are passing the buck.

ASX also writes "As you are aware, CLE’s securities have been suspended since 16 October 2020 because its operations are not adequate to warrant the continued quotation of its securities as required by listing rule 12.1. ASX has been in regular communication with CLE regarding this matter and believes that CLE is sufficiently apprised of ASX’s reasoning in this regard".
Despite this, I was able to participate in a capital raise with ASX knowledge whilst the company was suspended? So if the company breaches 12.1 why did ASX allow this capital raise to happen?

I am also aware the company has lodged 3 submissions with no response from the ASX other than a standard reply. The longer the company is suspended the more shareholder value is being destroyed. As a mum and dad investor, it is us who is suffering not the Directors.

I formally now request for a formal investigation by ASIC into the process used by ASX to suspend CLE. I would also like to know the detailed reasons why CLE is not able to relist on the ASX as it has been conducting their business per their submissions to the ASX over the many years of trading.

Please can you call me to setup a meeting and I will arrange for other shareholders to be present

Expand

Well, there are also a lot of people in prison who want to actively participate in society again as quickly as possible.
But they are not allowed to do so for a good reason, otherwise they would harm the general public......

CLE Price at posting: 0.9¢ Sentiment: None Disclosure: Not Held
2 Upvote

1 Great analysis

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