It may be that ASIC's interim stop order has expired, after P1 has met some requirements. Therefore P1 is free to raise money by issuing new shares. I may be wrong here, but it seems that ASIC does not actively approve a prospectus that has had an interim stop order placed on it. Rather it just lets the interim stop order lapse or issues a permanent stop order.
If this is the case (i.e., that ASIC is taking no further interest in P1) then P1 has now to apply for listing on the ASX. There will be a whole new set of ASX requirements to be met, that would have been of no interest to ASIC. The challenging requirement may be whether P1 properly obtained the necessary spread of shareholders when it gave away its shares free of charge to GCN shareholders.
GCN Price at posting:
1.2¢ Sentiment: None Disclosure: Held
