listing at asx, page-43

Tas74t,

I cannot believe you are still standing up for a company which has surely lost you thousands of dollars.

Firstly, I did post a long time ago there were other reasons that the ASX (not ASIC) could deny a listing. These relate to the profits and assets rule. ASX listed companies must pass one or the other. They cannot satisfy the Profit test for certain.

As for the assets test, when the prospectus first became available I questioned this also. They were floating a 300million dollar float with firstly, very little capital % which would transfer to new shareholder equity.

AND

They had very little real tangible assets to back up that 300million valuation. EVEN with all the intangibles like GCN's IPTV intellectual property they only came to a total assets (if you believe the valuations) of 157million..

I honestly thought if it could pass ASIC it stood a genuine chance but I get the feeling now, that ASX has had a problem with this also.

And before you say "well why would they be allowed to start raising money at all etc etc" please read the ASX listing guidelines and rules. ASX will put any proposed company that passes the ASIC tests up for listing but usually takes 6-8 weeks (minimum 4 weeks) to ensure the company passes all the ASX listing rules also.

This is unfortunate for all involved...