I'd say it's a greyer area than that, clearly big new...

I'd say it's a greyer area than that, clearly big new developments such as a new contract or DoD development have to be announced but if you take a look at the typical prospectus the level of detail and information together with forward looking projections by the company are far more in depth than just about any other information released to market. If the IB's etc have seen that document or some of the information that will be used in then they will clearly have an advantage over ordinary market participants. I'm also suggesting that if AJX has used 'testing the waters' provisions under the NYSE listing rules that some interested parties will have had valuation discussions - it seems unfair that they can continue to participate in the ASX whilst knowing the likely offer price for the ADR's.