Ian Huitson (Operations Director)has responded to the ASX in an...

Ian Huitson (Operations Director)has responded to the ASX in an announcement released yesterday evening. The full response can be viewed on the ASX website.

The farcical aspect is the answer to ASX Query 7 in that Monarch did not consider the $15M in borrowings from Territory to be market sensitive and;

"The board considered that the loans ... were not transactions that a reasonable person would expect to have a material effect on the price or value of Monarch's securities."

I wonder how much would need to be borrowed before it would be considered 'market sensitive' by the Monarch board, provided that is if the board comprised any 'reasonable' persons capable of making that determination.