Why is ASIC MIA?

Let’s talk about what is emerging as the biggest heist in recent corporate memory and why our Corporate “Regulator” to date has done nothing about it.

How is it that the Macquarie promoted IPO of Nuix at $5.31 per share in December 2020 (the largest of that year) could see its shares now be worth $0.58.

At one time the stock reach the dizzy heights of $11.86.ASIC has apparently concluded that there nothing to see here and that investors should have simply relied on their own due diligence and to the extent of any unforeseen defect they should have read the extensive if not extraordinary risk exclusions in the prospectus.

ASIC’s failure to do the bare minimum and follow up on the prescient warnings prior to the float has meant any change in tac now would be akin to them marking their own homework and acknowledging they failed the test. To take action now would be an admission that they failed spectacularly to regulate the Nuix IPO.

One might be forgiven for asking why haven’t the promoters directors and executives of Nuix been taken to task like those in ISX and GetSwift. But then you realise that the chances of ASIC having the guts to take on Macquarie are pretty close to zero.

Unless Nuix can cut costs dramatically and raise capital in the next short while, the business will run out of money and collapse into administration. Watch the Nuix directors flee like rats jumping a sinking ship.

Macquarie will tell you it’s been through these types of crises before and they have form in skilfully eluding being held to account. The Banking Royal Commission is a case in point.

Given the current circumstances, one would expect Macquarie to have already terminated the “services” of Phillips, Standen and their rainmaker Castagna. Anything less is akin to running a protection racket for these failed executives.

So it’s no wonder this particular Macquarie disaster will be another lost opportunity for our Corprate Regulator to demonstrate that our markets still have integrity.