I am happy to answer your original question as a shareholder around my concerns from management, largely taking aside ASX & Visa.
I am not convinced that ISX management has done everything it can along the way to appease ASX, I think they have often skirted around issues and questions and not been direct enough in responding to information requested. I honestly think that if they were more open and upfront from the outset and they have nothing to hide the whole issue could have been resolved a long time ago (whether the outcome were good or bad).
The dismissive approach from ISX from the outset has not helped their cause, they have had a chip on the shoulder since this whole issue started. It raises one of the issues of investing in companies where ownership is so heavily concentrated in the founder/s, they are often emotionally invested (yes there can certainly be positives that come with this too) and cannot view issues objectively and shareholders are left with little to no option because they control the board. You have to ask the questions, would this happen at a company where the shareholder base was more diversified? I would strongly suggest not, you would likely see a lot more professionalism in the management, communication and behaviour.
Now before anyone on here jumps on me as being negative or a down ramper, I truly hope things turn out well for ISX, but there are serious corporate governance issues that need to be addressed. I don't want to watch my cash be flushed down the toilet, but we have to face the facts that it is possible because there are inconsistency that warrant questioning by the ASX and the finger can only be pointed in one direction.
Ultimately, no matter how much we argue with each other on here, we are going to have to wait until the court case to get an outcome and I firmly believe that unless you have a legal background in the Corps Act you probably can't have an informed view on who is right and who is wrong, both parties are submitting very legalistic arguments.
