ASX Listing Rules

The below is an extract from ASX Guidance Note 33.  The company must be getting very close to a potential delisting given the extended suspension period we've had and lack of announcements regarding negotiations.

This suspension period is unacceptable.  If the company is forced to delist and potentially restructure... existing holders are / will likely to be the losers.

Note as follows:

On and from 1 January 2014, ASX has adopted a policy that it is appropriate to remove from the official list any entity whose securities have been suspended from trading for a continuous period of 3 years. The removal will usually take effect from the open of trading on the first trading day after the expiration of that 3 year period.

Under the transitional arrangements for this policy, if an entity’s securities have been continuously suspended as at 1 January 2014 for:

• 12 months or more, it will automatically be removed from the official list if it remains in a continuous state of suspension up to 1 January 2016, with the removal being effective from the open of trading on the first business day after 1 January 2016; or
  
  less than 12 months, it will be subject to the new policy effective immediately, that is, it will automatically be removed from the official list after 3 years’ continuous suspension, with the removal being effective from the open of trading on the first trading day after the expiration of that 3 year period.
  
  
• This effectively gives an entity whose securities were suspended as at 1 January 2014, a minimum 2 years grace to implement a transaction that will result in the resumption of trading in its securities.
  
  ASX may agree to a short extension of the deadlines above for the automatic removal of a long-term suspended entity if the entity can demonstrate to ASX’s satisfaction that it is in the final stages of implementing a transaction that will lead to the resumption of trading in its securities within a reasonable period. For these purposes, “final stages” means:
  

• having announced the transaction to the market;
  
  
• having signed definitive legal agreements for the transaction (including for any financing required in
  
  respect of the transaction);
  
  
• if the transaction requires a prospectus or product disclosure statement to be lodged with ASIC, having lodged that document with ASIC; and
  
  
• if the transaction requires security holder approval, having obtained that approval