Time and time again I see ASX companies that are driven to the point that MOT is at now. Directors and their mates get onto the share register and eventually get control and distribute amongst themselves and usually set it up that there is a small business and a drawdown facility; just enough to show their solvent.
It sits there for as long as they want and find a business to put into the shell. This way various parties in the know can participate on both sides of the fence (business going in and the shell) that way they can't loose. Unless there is a large creditor?
ASX are only interested in Listing Rule violations and will refer to ASIC or ask the persons submitting a complaint to go to ASIC. ASIC are starting to be more agressive once they determine (in their time) there is a clear case to be answered.
As a shareholder you can request the share registry from the company or the company holder e.g. Computure Share or who ever it is. Once you have this you can add up the related parties that you feel are not disclosing and go to company with a please explain why there is no 603/3B announcement and have ASIC and ASX as cc's to the email.
MOT Price at posting:
0.1¢ Sentiment: None Disclosure: Not Held
