Have to agree. Why the ASX puts some companies through the wringer and gets them to explain everything for days, weeks and sometimes months and yet a seemingly big $ deal like this turns out to be at least factually incorrect. Should have been suspended from first announcement and should have had to provide more detail. Certainly a failure of due diligence by directors and board and also ASX in terms of process. This sort of thing hits the credibility of the ASX big time. At some point the ASX may have the responsibility taken away from them and given to another group as they are clearly not managing this stuff well.
I would be very surprised if IGE was allowed to trade until the first batch of money has been received. The person(s) responsible for managing this company's announcements with the ASX is not going to have a good weekend. Feel sorry for them and all holders. Pity really as the company has great promise and has the potential to make a real difference for good in the world.
IGE Price at posting:
13.0¢ Sentiment: None Disclosure: Held
