If I read the summary of the verdict correctly, the Court will make a determination on what can be published by ASX this afternoon. ISX have flagged that they will appeal to the Full Bench, meaning any release will be stayed until a decision by the Full Bench. So ISX are kicking the can down the road for another 6 months at a significant cost in lawyers and delays to approvals. If you thought companies like Visa were going to have issues before, think about it now. ISX would have said to all and sundry that ASX were out to get them and it was a case of trying to squash a competitor. Court just hit that on the head, so it is a loss of credibility for ISX, again.
I am a little confused as to whether the appeal would be to the Full Bench or High Court as suggested by Stock Swami. Appeals to the High Court require their leave, so they may just say they won't even look at it, end of story. Probably take a month or so. If to the Full Bench I expect it to take a lot longer. It did appear that a High Court challenge has always been on the cards as ISX, through their QC, seemed to have claimed that some of the laws used by ASX were not enacted properly. That is in the realm of the appeals court usually.
I think people miss a point about the performance shares. They are not just about their value and whether they trade or not. Having that many shares puts JK in an unbeatable position when it comes to running the company. Even if he was not ceo he could just about vote everything down. So the question is not about escrow or trading it is about control and losing the court case is quite possibly losing control.
ISX Price at posting:
$1.07 Sentiment: None Disclosure: Not Held
