my understanding of S708 is that they need a live disclosure document out there for 3 months (forget the price, its not relevant), in order for ANY securities issued AFTER an ASX suspension to NOT be held in escrow for 12 mths.
This means that they can issue Cornell under ASX rule 7.1 (15% rule), and Cornell has liquidity in their shares - because a disclosure document is out there.
Chapter 2M provides that the document must have audited accounts (so thus it folowing the annual report is either perfect planning or pure fluke - lets say pure fluke).
So, even is no one subscribes, it has now served its prupose by being lodged, as the company has now met full Corps Act disclosure requirements.
RMA Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
