MLX have been absolutely excellent, professional and very...

MLX have been absolutely excellent, professional and very shareholder respectful in tracking down this issue. I can't  thank them enough, and say that I am extremely impressed by the way they have conducted this enquiry, especially there financial officer and company secretary.

This says a lot about the quality of this company, and has only enhanced them in my eyes.

MLX and their directors, managers and administrators have been brilliant during this investigation.

They have also taught me some things about this reporting structure on the ASX that all companies (unfortunately) have to operate under.

As I reported before, and for all companies listed on the ASX, shareholder notifications with regard to increases and decreases in holdings are the responsibility of the shareholder, and not the company.

The notice of a change in substantial holding is NOT given to the company first, but is lodged directly by the shareholder with the ASX.

In my opinion, this is a great weakness in the system, and something all shareholders, and the shareholders association should be taking up. I think the shareholders association of Australia have dropped the ball on this issue, because I have (now) checked hundreds of these releases on the ASX and a staggering 40% of them are wrong, or incorrectly reported.

In reality, the notice is released by the ASX under the company's code and name, and yet the company does not get a change or opportunity to vet the release, or check the figures in the release, prior to the ASX announcing it. This is clearly bad policy by the ASX in my opinion, and needs to change.

If I owned or ran a company, there is (absolutely) NO-WAY I would want something released to the public under my name that I had no notice of, or control of, or had NOT even seen first.

This is absurd, and in effect, under law, may be construed as False Misrepresentation.

I'm not sure how this situation could ever have been allowed within a stock market environment. What is wrong with the government of Australia, how could they permit this?

Anyway, MLX can confirm that they received all of the funds for a placement from the Perennial group, who then subsequently released the erroneous notice directly to the ASX (without MLX viewing it first).

The (apparently) CORRECT details are as follows - according to "Perennial Funds".

1. They received 11 million shares, for funds of $7,150,000 in a Placement at 65 cents.

2. They purchased 6,639,276 shares, for funds of $3,989,003 On-Market at a price of 60 cents.

The problem I have now, is the lack of professionalism, reporting mistakes, and sheer incompetence shown by Perennial and released on to the ASX platform by them under the MLX name. MLX do not deserve this level of disrespect and ineptitude by Perennial.

Are Perennial obliged to re-submit a correction to the ASX, for release on the platform? They should realise that if they don’t do this then it will be submitted to the ASIC and other authorities for investigation.

Quite simply, we cannot have line items released to the ASX (by Perennial without MLX's knowledge) that show Perennial received millions of shares at 22 cents, when the lowest price MLX have traded at in the last 3 years has been 50 cents.

This is unacceptable corporate incompetence and behaviour, and will be reported to the relevant authorities unless Perennial release a corrected report themselves (via the ASX) in the near future.

Gw