While starting this new thread Starpharma came out with a...

While starting this new thread Starpharma came out with a response that was what I expected. For those that wish to see it - I have copited and pasted below


STARPHARMA HOLDINGS LIMITED ABN 20 078 532 180 Baker Building, 75 Commercial Road, Melbourne, Victoria 3004 PO Box 6535, St Kilda Road Central, Vic 8008 Telephone: 03 8532 2700 Facsimile: 03 9510 5955 www.starpharma.com 17 November 2014 Ms Simone Papas Adviser, Listings Compliance (Melbourne) ASX Compliance Pty Ltd By email Dear Simone, Starpharma Holdings Limited (the “Company”) RE: PRICE QUERY With reference to your Price Query letter of 17 November 2014, the Company provides the following information: 1. The Company is not aware of any information concerning it that has not been announced which, if known, could be an explanation for recent trading in the securities of the Company. In relation to ASX’s query regarding earnings, the Company has not provided earnings guidance for the 6 month period ending on 31 December 2014 and notes that, given the phase of development of the Company, it does not consider that a change in earnings would explain the recent trading. This is also consistent with past trading activity relating to previous earnings announcements over several years where there has been no apparent relationship between the share price and the announced earnings. 2. Not applicable. 3. The Company has no specific explanation for the recent trading in its securities and in particular for the recent decline in the share price and increased volumes since 10 November 2014. On the contrary, the Company has a strong cash position as previously announced and has recently released a number of positive announcements: • positive preliminary pharmacokinetics results from its DEPTM docetaxel trial, • the raising of $21.4 million via a share placement and share purchase plan, • the receipt of $4.2 million R&D tax incentive refund, • the availability of the VivaGel® condom in Woolworths stores in Australia, and • the allowance of a Priostar® Glyphosate patent in China. STARPHARMA HOLDINGS LIMITED ABN 20 078 532 180 Baker Building, 75 Commercial Road, Melbourne, Victoria 3004 PO Box 6535, St Kilda Road Central, Vic 8008 Telephone: 03 8532 2700 Facsimile: 03 9510 5955 www.starpharma.com 4. The Company is in compliance with the listing rules and, in particular, listing rule 3.1. Yours sincerely, Nigel Baade CFO & Company Secretary Page 1 of 3 ASX Compliance Pty Ltd ABN 26 087 780 489 Level 4 Rialto North Tower 525 Collins Street Melbourne VIC 3000 Telephone 61 3 9617 8772 Facsimile 61 3 9614 0303 www.asx.com.au 17 November 2014 Mr Nigel Baade Company Secretary Starpharma Holdings Limited By email Dear Mr Baade Starpharma Holdings Limited (the “Entity”): ASX price query We have noted a change in the price of the Entity’s securities from a close of 62.5 cents at the close of trading on 10 November 2014 to a low of 47.2 cents at the time of writing today. We have also noted an increase in the volume of trading in the Entity’s securities over this period. In light of the price change and increase in volume of trading, ASX asks you to respond separately to each of the following questions: 1. Is the Entity aware of any information concerning it that has not been announced to the market which, if known by some in the market, could explain the recent trading in its securities? In responding to this question, please consider in particular whether the Entity is aware of any information that its earnings for the 6 month period ending on 31 December 2014: a) are likely to differ materially (downwards or upwards) from any earnings guidance it has given for the period; or b) if the Entity has not given any earnings guidance for the period, are otherwise likely to come as a surprise to the market (by reference to analyst forecasts for the period or, if the Entity is not covered by analysts, its earnings for the prior corresponding period)? 2. If the answer to question 1 is “yes”: a) Is the Entity relying on Listing Rule 3.1A not to announce that information under Listing Rule 3.1? Please note that the recent trading in the Entity’s securities would suggest to ASX that such information may have ceased to be confidential and therefore the Entity may no longer be able to rely on Listing Rule 3.1A. Accordingly, if the answer to this question is “yes”, you need to contact us immediately to discuss the situation. b) Can an announcement be made immediately? Please note, if the answer to this question is “no”, you need to contact us immediately to discuss requesting a trading halt (see below). c) If an announcement cannot be made immediately, why not and when is it expected that an announcemant will be made? Page 2 of 3 3. If the answer to question 1 is “no”, is there any other explanation that the Entity may have for the recent trading in its securities? 4. Please confirm that the Entity is in compliance with the Listing Rules and, in particular, Listing Rule 3.1. When and where to send your response This request is made under, and in accordance with, Listing Rule 18.7. Your response is required as soon as reasonably possible and, in any event, by not later than 3.00 p.m. AEDT today, Monday 17 November 2014. If we do not have your response by then, ASX will have no choice but to consider suspending trading in the Entity’s securities under Listing Rule 17.3. You should note that if the information requested by this letter is information required to be given to ASX under Listing Rule 3.1 and it does not fall within the exceptions mentioned in Listing Rule 3.1A, the Entity’s obligation is to disclose the information “immediately”. This may require the information to be disclosed before the deadline set out in the previous paragraph. ASX reserves the right to release a copy of this letter and your response on the ASX Market Announcements Platform under Listing Rule 18.7A. Accordingly, your response should be in a form suitable for release to the market. Your response should be sent to me by e-mail or by facsimile. It should not be sent directly to the ASX Market Announcements Office. This is to allow me to review your response to confirm that it is in a form appropriate for release to the market, before it is published on the ASX Market Announcements Platform. Listing Rule 3.1 Listing Rule 3.1 requires a listed entity to give ASX immediately any information concerning it that a reasonable person would expect to have a material effect on the price or value of the entity’s securities. Exceptions to this requirement are set out in Listing Rule 3.1A. The obligation of the Entity to disclose information under Listing Rules 3.1 and 3.1A is not confined to, nor is it necessarily satisfied by, answering the questions set out in this letter. In responding to this letter, you should have regard to the Entity’s obligations under Listing Rules 3.1 and 3.1A and also to Guidance Note 8 Continuous Disclosure: Listing Rules 3.1 – 3.1B. Trading halt If you are unable to respond to this letter by the time specified above, or if the answer to question 1 is “yes” and an announcement cannot be made immediately, you should discuss with us whether it is appropriate to request a trading halt in the Entity’s securities under Listing Rule 17.1. If you wish a trading halt, you must tell us: • the reasons for the trading halt; • how long you want the trading halt to last; • the event you expect to happen that will end the trading halt; • that you are not aware of any reason why the trading halt should not be granted; and • any other information necessary to inform the market about the trading halt, or that we ask for. We may require the request for a trading halt to be in writing. The trading halt cannot extend past the commencement of normal trading on the second day after the day on which it is granted. Page 3 of 3 You can find further information about trading halts in Guidance Note 16 Trading Halts & Voluntary Suspensions. If you have any queries or concerns about any of the above, please contact me immediately. Yours sincerely [Sent electronically without signature] Simone Papas Adviser, Listings Compliance (Melbourne)