On general legislation, not specific to PDY or this transaction:
Legislation is not all there to protect the sheep. Some legislation in there to make it legal to fleece them.
Take Nominee account status for example. A structure that can only be used by sophisticated scammers for fraudulent anonymous activity and that is why it is the vehicle of choice for fraudsters to use in Australia for masking an identity for questionable practices. You can ask yourself why a special anonymous structure was created. I have seen a single player move and block vote close to 15% of the equity in a single public company with no disclosure or requirement to follow the 'legislation' that applies to the rest of us.
Ask yourself why this is and why ASIC focuses it's efforts on nailing the small guy; I call it 'the Giuliani way'; There are hundreds of multi-million fraudsters operating in Australia and ASIC never touches them, but criminalizes petty misdemeanour like the schoolgirl incident or some retail trader copying EXACTLY what a large fund does on market.
PDY Price at posting:
3.3¢ Sentiment: None Disclosure: Not Held
