My point is as far as any regulatory action the ASX is...

My point is as far as any regulatory action the ASX is powerless.  That discretion of use of company funds is limited by the legal and equitable duties that apply to company directors. These duties areenforced by the Australia Securities and Investment Commission (“ASIC”).

The ASX suspension is just a toothless tiger farce for an old loan highlighted by late submission of annual report.  Merlin could be deliberately dragging this out or not, who knows how long it might take to appoint 2 new directors?

ASX owns the suspension and they should be updating the market, if MED have an infinite amount of time to appoint 2 new directors and answer questions then why not take the time over the wet season and keep the shares suspended.