I have no idea. I did not know they had applied for a restricted prospectus or signalled their intent to raise funds. Who would have complained? A director? A substantial shareholder?
I would have to look at the Act to know what, if any permission is needed for a restricted prospectus. My immediate thought is that the ASIC must give permission for a restricted prospectus and it has refused to do so. But that does not explain why the refusal must be made public.
In any case it is a good call by the ASIC. Nothing can be taken on trust and the full list of caveats must be disclosed. And finally the directors need to be held accountable for all statement of facts, and for the basis of any opinions offered.
