It more than likely would have also been referred to ASIC - the ASX are obliged to do so in instances where they suspect breaches of the Corporations Act. However a referral to ASIC means very little these days and I would bet one of Hey2’s remaining onions that ASIC won’t investigate.
One likely outcome is one or two directors resigning and a board reshuffle, 0% change of delisting.
Ann: Quarterly Activities Report & Appendix 5B, page-23
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