My letter to the ASX

For whatever it is worth, I had to try.

Dear Mr Baggott,

I write to you as a shareholder of Hardey Resources. I purchased these shares for both my SMSF as well as my business trading account. These purchases represent a significant dollar figure for myself and my family.

Whilst I accept that investing in this end of the market is always risky, I am devastated that the demise of HDY will come about due to alleged non-compliance of rules rather than a failure of the fundamentals of the business.

The correspondence between Hardey and the ASX has been complex and difficult to follow, however I accept that: 1. Management of HDY in all likelihood were complicit in breaching ASX rules and that 2. Management have been less than candid in addressing the ASX's enquiries.

That said, it appears to me that the ASX were unnecessarily dismissive of the proposed remediation offered by HDY management. The comment on page 9 of the most recent letter from ASX that they wouldn't give a direction under listing rule 18.8 because "ASX is not in a position to determine whether this is a good or a bad outcome for HDY and its shareholders..." would seem to indicate that the ASX had some concern for the shareholders of HDY. It therefore beggars belief that the ASX has moved immediately to delist HDY. How is it possible that delisting HDY is anything other than a disastrous outcome for shareholders?

I would plead that the ASX considers a more creative approach to allow for remediation of this situation for the sake of shareholders. If the ASX is completely convinced of the misdeeds of our directors and/or associated parties then surely the appropriate course of action would be to refer them to ASIC rather than punish the "Mums and Dads" shareholders?

I appreciate this letter is a gross simplification of the issues involved but I would be failing myself and my family if I did not write it.

I thank you for your consideration of my request.

Yours Sincerely,