SP1 (ASX) Movement

Originally posted by sn_mpc ↑

ISX, similar to many small/medium cap companies, can no longer release announcements without ASX scrutinising the content of the announcement plus ASX now request details of any contractual agreement or documents relating to a company's investor updates. Since February 2018, ASX enforcement beginning in March 2018, any announcement particularly those regarding new contracts must be approved by ASX prior to release. As example, ISX could not release an announcement saying they were in negotiations with prospective clients or mention possible/probable contracts. It is too soon to anticipate signed contracts from any negotiations or leads from ISX's participation in the recent international conference last week - without an actual provider/client fully signed contract in place which ASX could view.

ISX can release newly contracted client information [merchant de-identified at ISX's request] once agreements are signed and ASX have viewed the details of the contract in relation to any company announcement to verify the ANN's content. That is my understanding of the update to the Feb 2018 ASX ruling which appears to affect all small/medium cap companies more so than large cap corporations. I have seen the impact of this change in practice during the past 5 weeks as it is affecting and sometimes delaying investor updates and announcements for some ASX companies.

For me, the ASX ruling update is the reason why there are less frequent updates and fewer informal investor updates from many companies and why the pattern and practice of companies disclosing to investors has changed markedly in recent months.

ISX have never released information that could be misinterpreted or deemed misleading. I am hopeful and confident their next announcement is pending contract finalisation and subsequent ASX approval.

On a different note: ISX was targetted as a buy today at 19c by aussiebulls.

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Hi sn_mpc

Saw that new guideance update 02/18 a few months back.

Companies don't have to pre-vet their announcement to the market through the asx. The asx had a few reporting incidents that mislead the market, and has now updated the playbook to prevent the issues occuring again.

The new update is to make companies aware of what is expected, and that the book will be thrown at them if they don't abide by the strict new rules set in place.

https://www.asx.com.au/resources/newsletters/listed_at_asx/listed-at-asx-20180315_0218.html

For those interested in the receiving all the asx updates, quarterly magazine etc, download the Listed@ASX app to your device.

Cheers
Tradealot