Second letter to Mr. Longo, Chair of ASIC, page-18

Great piece @itzgr82balive

The pieces are fitting in nicely but the motive is still missing.

Seems they risked it all hoping to uncover some justification later, since ASIC wasn't playing ball.
And they still seem to hold this view going by their recent comments.

The OM report must have looked so damning that they believed it won't take too long to uncover something.

ASIC had distanced itself by not giving a direction. The risk was on them, so they had to begin "investigating" historical "compliance with listing rules". Well-played. And they kept digging, and digging, and digging. Apparently, they're still digging through discovery - probably their last resort before attempting settlement.