I agree snackattack. ISX listing on the ASX is now untenable....

I agree snackattack. ISX listing on the ASX is now untenable.

The ASX, as the market operator, could not guarantee keeping ISX’s information confidential when requesting info in their numerous rounds of questions. As market operator they had the power to request this info, but then couldn’t guarantee it being kept confidential. That is procedurally unfair.

Instantly, this lack of guarantee would suggest a perceived conflict of interest.

As the market operator is a profitable company in it’s own right, surely it only takes a perceived conflict of interest to warrant ASIC taking over as monitoring ISX and its compliance with the listing rules.

Fast forward a few months from the query letters and ASX not providing comfort of confidentiality, and we find out the conflict of interest is no longer a perceived conflict of interest , but a real conflict of interest, with ISX’s interest in NSX being shared with the market (I would think ASIC knew about this a long time before the market also).

Yet, 6 months after the market is made aware of the real conflict of interest, ASIC still has not granted the application to monitor ISX as a participant on the bourse.

6 months and no confirmation! I can’t see how they can blame covid when it is back and white that there is a conflict of interest, and the role they would play would be a service offering.

Even if ASIC don’t agree with the conflict of interest (I don’t know how they couldn’t), you would think that if ASX is a defendant in a court case against a listed entity, ASIC would step in and monitor the listed company’s listing until the court case was over. Otherwise, again, the ASX has a conflict of interest.

Now just recently, we may have an answer of why ASIC haven’t stepped in. ASIC appear to be involved with leaking of the VISA info with ASX. Why would ASIC share that info to the market operator. Are ASX and ASIC both working together to try and bring down ISX.

My opinion is that ASIC taking over the monitoring of ISX’s compliance is better than ASX, but how does ISX trust ASIC in light of the visa information. Any confidential information ISX provides to ASIC might be sent ASX’s way, pronto.

ASIC were meant to be the independent body in all this and the one shareholders were all hoping would act fair and equitably. Can they stand up and say no to ASX.

The market operator has proven they can’t be trusted and now the market regulator has question marks on their independence. Therefore, time to list elsewhere IMO.

In the event we were to re-list my strong preference would be that this not occur until the court case has been decided. If we were to be released to trade today on the back of the media over the past 12 months and a critical undecided court battle with the market operator hanging over our head the weak hands would sell, the share price would dive and shorters would take up positions. When we trade again (whenever/wherever that may be) we want the pressure taken off this compressed spring and be released with strong momentum behind us - huge court case settlement, positive announcements, ASX apology, and expansive positive media coverage for all of the afore-mentioned.

Just my thoughts as an angry shareholder.