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24/09/18
17:45
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Originally posted by davmarc
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Hey XPD'ers,
Below is the text of a letter I wrote to the ASX and I think it would be useful if a few more of us corresponded with the ASX to press our case. This is becoming a bit of a joke!
20 August 2018
Ms Luxmy Wigneswaran
Principal Adviser Listings Compliance (Sydney)
ASX Limited
20 Bridge Street
Sydney, NSW 2000
Dear Ms Wigneswaran,
RE: XPD Soccer Gear Group Ltd
I as a shareholder of XPD, I write to express my concern at what appears to be an over-zealous application of the ASX listing rules.
As you would be aware XPD Directors Messrs Lill and Sheather have stepped into a very difficult situation with the very best of intentions, namely to preserve value for shareholders; in what is essentially a profitable business. Unfortunately cultural differences and communication problems have made this task extremely time consuming and difficult. I am told the Chinese CEO is committed to the relisting of XPD but I fear his resolve may be tested by what appears to an unending number of queries from the ASX.
I appreciate the ASX has a duty of care to protect future investors; however they also have an obligation to preserve the investment of existing shareholders wherever this is possible. XPD as a company are trying desperately to get their house in order and I would kindly ask you to be understanding in the situation.
Kind regards
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Playing devil's advocate here.
Say I am the ASX. So I can respond positively to your plea.
OK then relist pending dividend viability. Heck even throw in a deadline to be sure. What happens when dividends are still an issue? Do new shareholders sue the ASX for lax compliance?
Say they respond negatively.
No relisting until dividend question is satisfied. Shareholders stay in limbo. Advice from consultancy regarding dividends will be received within 3 to 6 months. Relist and rejoice!
Last edited by
Qflow :
24/09/18