anyone know the new creeping-acquisition laws?, page-20

"I don't suppose that it will get anywhere."

Estseon,

You have to understand something about the ASX and ASIC here in OZ. They are worthless paper tigers and relying on them for any kind of enforcement is a joke.

You are 100% right it won't go anywhere and the line is standard boilerplate for a T/O.

IMO enforcement here doesn't exist. At least it hasn't gone as far as with some government agencies that you can complain about them. One goverment agency here in OZ has built intotheir legislation that you can be sent to jail for bringing them into disrepute!!!

For example what about some common complaints? People have complained for years about BOT trading and as far as ASX and ASIC are concerned, there is nothing wrong no matter the impact on the share price and market. However, the 'little guy' can not do it........

See the algorrithmic tradin forum on HC for more about this.

I remember low liquidity shares being hit for 10 and 15% on 10 share trades.....Nope all perfectly 'legal'.

Directors missing filing deadlines? So what. Possible insider trading? Can't ever remember a case being prosecuted. Not releasing sensitive information in a timely manner? There is always an excuse.

Read about one of the big banks and the fiasco with one of their recent cap raisings. Clear case. Nothing done.

How do you think all these companies get these cap raisings done? They sure as you know what tell them a little more than the average joe gets or they wouldn't need to give the presentations as all the information is already there in the market.

Cross trades? Late trades? Large orders being placed above and below the current market price and then pulled? Broker codes for transactions no longer provided?

Delays of reporting changes in substantial holdings built into the law.

With AWE you don't even have the route of going to the FIRB which would cost you some several hundred dollars ($500 used to be the cost) to complain as AWE isn't a foreign company.

And in the end what happens will happen as the little guy can not do squat and most could care less anyway.

I'm trying to get people interested in calling an EGM at ELK and not much interest at all. Pathetic situation all around for the little guy and that is why it is best to be a trader and not an investor.