listing update ... rumour...please respond

Hi everyone,

Just rumours going around Perth. I am not 100% sure if this is correct or what because there has been no official communication from any ASX company announcements.

Story is now that Its not about Mr Frank Timis anymore. I was told from a mate that its ASIC that determines the directors to be on the board of companies. There is no problem with ASIC. Seems that the problem is with solely the ASX.

I am told that there were initial doubts about Mr Frank Timis but the company made several more updates and disclosures and this was then passed.

I am told that there are about a dozen documentations from IPO and the Stock Exchange from September 2009 to today with every step from the announcement of the deal, prospectus, supplementary prospectus to capital raising.

Everything such as the detail of the deal, additions to the board and structure has been disclosed and approved by the Stock Exchange every step of the way. Now the Stock Exchange wants to do a U-Turn. What amazes me is that the ASX has not announced why they have taken this decision and the reason behind this. This is not 1935 Nazi Germany. However seems that the ASX thinks it has the power of the SS in 1935 Nazi Germany times. If this is not draconian rule then someone please re-define draconian.

I have been told by about 4 sources that the company is appealing the decision of the ASX to not let it re-list but guess what ... there is no independent body to appeal to. Seems the ASX is the judge, jury and executioner.

I am also told that the company will take class action for over $1billion dollars (I think this include both IPO and GFE) if there is no re-listing.

As a shareholder I will be behind the class action since I am losing money from the ASX's unprecedented actions. Here is the thing that gets me; as a shareholder and owner of the company by definition we do not even know why they have taken the decision they have today.

To me I can see the share price getting a hammering if the ASX decides to stuff up the deal. I want to sue them for not just the value of the deal but also missed opportunity as well. I believe the company already has appointed lawyers for this stage if it comes down to this.

"Enough is enough" ... I think its time for the ASX to put up or shut up.

I would love to hear what other shareholders have to say about this...