Is it reasonable that JC doesn't disclose the purchaser? YES
Is it reasonable that the ASX suspends the stock until the deal either settles or discloses the purchaser? YES
I am really confused why people think the ASX is being unreasonable. Based on what has been announced shareholders have literally zero insight into the likelihood of this settling.
Is this a big deal? Well the delta between the price pre announcement and the deal completing is about 1,000% - so yeah, it's a really big deal.
If the sp went to 70c (and you picked some up) and the deal didn't complete and you then found out that the agreement was with some 2 bit operation that had no chance of ever stumping up the cash you'd be pretty angry at the regulator for allowing such an announcement to go unchecked. Remember the David Jones bid?
Put yourselves in the regulators shoes. The option they took has cost holders an illiquid market for up to 75 days - an inconvenience but hardly a massive deal. In fact maybe even a blessing if the deal completes. But the cost of doing nothing if the deal was just a speculative free option on the oil price recovering in the next 3 months is huge. They have nothing to gain from either option, but will arguably criticised for either decision - suspending them is very defensible, doing nothing isn't.
AZZ Price at posting:
50.0¢ Sentiment: Hold Disclosure: Not Held
