The ASX have stated that the flow of funds are critical to the company's survival. This is the final sticking point below which xpd have not satisfied ASX’s requirements:
Having regard to the above, we ask that you answer the following questions and/or requests for information under listing rule 18.7: 1. 2. 3. 4. 5. Did Mr Jiada Zhang receive any fees or other remuneration from XPD for acting as an intermediary to the funds transfer as described above? If so, please provide details. Did any of the Hong Kong agents receive fees from XPD for acting as an intermediary to the funds transfer as described above? If so, please provide details. Please provide an opinion (in English) from a suitably qualified law firm in China as to whether the arrangements described above, whereby XPD uses China- and Hong Kong-based intermediaries to transfer cash into its Australian bank account for the purposes of paying debts incurred in Australia, comply with Chinese law. If those arrangements do comply with Chinese law, please explain why they are not able to be utilised to pay a dividend to XPD’s shareholders. Please provide to ASX, in a form suitable for release to the market, a detailed plan and timetable for the implementation of the recommendations in Mr Steinepreis’ corporate governance review. ASX also refers to the statements in the Chairman’s Address to Shareholders regarding XPD’s reinstatement to trading on ASX. In light of the significant governance and compliance issues documented in our letters to XPD dated 9 November 2017, 27 November 2017, 24 January 2018, 19 February 2018, 18 April 2018, 29 June 2018 and 27 July 2018, ASX intends to keep XPD’s securities suspended from official quotation until ASX is satisfied that XPD has made acceptable progress in implementing the recommendations in Mr Steinepreis’ review.
XPD Price at posting:
3.3¢ Sentiment: None Disclosure: Held
