Serious question: Why is the ASX investigation 14 months after performance share are met and distributed?, page-58

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aniesbaswedan

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31/05/20

13:14

Post #: 44944458
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Originally posted by durmaz: ↑

Hey Jausty,

Currently we have Jobkeeper which the government is paying the wages of staff($1500 per fortnight) for all businesses that suffered a 30% downturn in a single month and a 50% downturn for larger businesses. There are many busineses both international and local listed business that shut their doors for 4 weeks back in March/April knowing that thier sales would go down 50% and they would qualify for all their staff wages to be paid for the next 6 months, regardless of the rebound in sales in the subsequent month, i.e they could have been down 50% in April and up 400% in May but they would still qualify. Many large organisations and including listed companies on the ASX knew this and purposely either shut parts of their business or forward dated sales to qualify. From the outside it looks like corporate Australia have dudded the Australian Government as the CFO's worked out getting your wages paid for 6 months is a massive profit boost to the bottom line. This is why most retailers shut their doors for 4 weeks and went on line, to gain the jobkeeper for the next 6 months. This can be classed as a rort but within the law of the guidelines, regardless of whether you think the guidelines were poorly designed.

Should ASIC and the ASX suspend all the companies on the ASX that purposefully dropped their sales to receieve this massive wage subsidy windfall? According to you they should.

My point is that ISX acted within the guidelines and the parameters set which were clear to all and signed off by the ASX. Whether you think those parameters were set correctly is not the issue, they acted within the law and there is nothing no-one can do about it, including the ASX this is why 8 months later and they have nothing.

Wake up ASIC and ASX, go and suspend Myer, Premier Investments and the list goes on and ask them why they shut their doors, they were not forced to shut.

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Feel free to write an analysis on those companies and release them. No? Just going to go the path of "if I suffer you should suffer too so that I feel slightly less worse"?

As explained in the SOR, ISX had already been found to have broken a bunch of listing rules. I will repeat again, ISX had already broken them. Acted within the law? Is that why ASIC advised and gave info to the ASX? It is also useful to note that we are just talking about the relevant period of June 2018...It is probable that the ASX may find more if they investigate further beyond that period. ISX didn't even disclose their situation with Visa until the ASX queried them...

Last edited by aniesbaswedan: 31/05/20

ISX Price at posting: $1.07 Sentiment: None Disclosure: Not Held
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Serious question: Why is the ASX investigation 14 months after performance share are met and distributed?, page-58

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