Ann: Company Update, page-7

Like you Scarpa I have a very dim view of the future of VIC. I think the belated update today supposedly from the VIC Board ( a quick ring around those who had their phones turned on I guess) again shows a hopeful outlook against a very, very bleak background. I would say the storm clouds are gathering on the near horizon and the captain is looking in the wrong direction to put out such an update.

I would think that having dealt to HDY the ASX is hardly (oops sorry about that) likely to let VIC off the hook. The ASX will find enough similar behaviour in the responses to decide to impose the same fate on VIC........ IMHO.

The ASX, despite its past performances, may now want to flex its muscles in the light of the Banking Commission activities to show that it is getting tough on corporate disregard for the ASX rules. 

And if it really wants to flex its muscles then it ought to be engaging with ASIC and getting them to follow up on the unacceptable behaviour by people who seem to lack any sense of what good corporate governance involves.

Of course ordinary shareholders could possibly encourage ASIC involvement by making sensible pleas to that body to take action since they have been ripped off and there is a need for justice to be done. All IMHO.