ASX does not agree that the Executive Summary of the review contains the findings of the Independent Expert.
The Australian Securities Exchange (ASX) has recently released a statement regarding iSignthis Ltd (ISX), namely, clarifying the questions it was asking the Independent Expert regarding its recent review of the payments identity company.
In particular, ASX said that it was clarifying the scope of the review and seeing if it complied with Direction 2 - which required ISX to engage an acceptable independent expert to review the company’s policies and processes to comply with listing rule 3.1 and to assess each contract entered into since the 1st of January 2018 to determine whether any additional contracts should have been disclosed under listing rule 3.1.
On the 20th of July, 2020, Clayton Utz provided responses to those questions, the exchange said, and on Wednesday, the Australian exchange has asked a follow-on question in relation to the scope of their review. Namely, in relation to their review of ISX’s disclosures in relation to Visa.
ISX claims ASX was blocking review being published
As Finance Magnates recently reported, earlier this week, ISX released the Independent Expert review conducted by two partners of Clayton Utz, which was an approved company by the ASX.
Following the completion of the review, iSignthis was required to publish the full findings, so they were available to the public. However, on Monday, ISX accused the exchange of blocking it from publishing the findings.
In its statement published yesterday, the ASX explained its reasoning as follows: “ISX sought to release a copy of the Executive Summary of the Independent Expert’s Report on the ASX market announcements platform. ASX notes ISX’s view that the Executive Summary contains the “findings” of the Independent Expert. ASX does not agree with this view. ASX considers that the Independent Expert’s Report contains findings that are not addressed in the Executive Summary.”
Speaking to Finance Magnates, John Karantzis, Managing Director, iSignthis Ltd, said: “In October 2019 trading in our shares was suspended by the ASX for share price Volatility. The Independent Expert Report clearly finds that none of the transactions it examined were material to the share price of the company. Now the ASX is relying upon events from May this year to justify a suspension in October of last year. Our shareholders deserve better than this.”
Focus on Visa
The events occurring in May this year is referring to the issues the company has had with Visa. In particular, on the 24th of May, ISX announced that it was ending its contractual relationship with Visa as a principal member.
According to the company’s statement at the time, iSignthis decided to end the agreement due to the proposed rules by Visa, which are set to come into effect in October of this year, because they will restrict trade and competition.
The announcement came after iSignthis was suspended from Visa earlier in the month, with the payment giant’s website showing that the suspension was done by its anti-money laundering division. However, ISX has rejected entirely that it has at any stage processed unlicensed operators. ASX directed the Payments identity company to conduct the Independent Expert review on the 1st of May.
Continuing suspension
The ASX also highlights what conditions iSignthis must satisfy before the exchange reenlists its shares. Namely, the exchange said the company has yet to provide a satisfactory response to its query letter regarding disclosures in relation to its arrangements with Visa and failing to provide the information requested by ASX in relation to certain shareholder requisitions.
However, it is worth pointing out that shareholders of ISX recently voted to leave the ASX in its annual general meeting, with nearly 95 percent in favor of leaving Australia’s principal securities exchange. Excluding directors, 87.46 percent of shareholders still were in favor of leaving the ASX.
The Australian Securities Exchange (ASX) has recently released a statement regarding iSignthis Ltd (ISX), namely, clarifying the questions it was asking the Independent Expert regarding its recent review of the payments identity company.
In particular, ASX said that it was clarifying the scope of the review and seeing if it complied with Direction 2 - which required ISX to engage an acceptable independent expert to review the company’s policies and processes to comply with listing rule 3.1 and to assess each contract entered into since the 1st of January 2018 to determine whether any additional contracts should have been disclosed under listing rule 3.1.
On the 20th of July, 2020, Clayton Utz provided responses to those questions, the exchange said, and on Wednesday, the Australian exchange has asked a follow-on question in relation to the scope of their review. Namely, in relation to their review of ISX’s disclosures in relation to Visa.
ISX claims ASX was blocking review being published
As Finance Magnates recently reported, earlier this week, ISX released the Independent Expert review conducted by two partners of Clayton Utz, which was an approved company by the ASX.
Following the completion of the review, iSignthis was required to publish the full findings, so they were available to the public. However, on Monday, ISX accused the exchange of blocking it from publishing the findings.
In its statement published yesterday, the ASX explained its reasoning as follows: “ISX sought to release a copy of the Executive Summary of the Independent Expert’s Report on the ASX market announcements platform. ASX notes ISX’s view that the Executive Summary contains the “findings” of the Independent Expert. ASX does not agree with this view. ASX considers that the Independent Expert’s Report contains findings that are not addressed in the Executive Summary.”
Speaking to Finance Magnates, John Karantzis, Managing Director, iSignthis Ltd, said: “In October 2019 trading in our shares was suspended by the ASX for share price Volatility. The Independent Expert Report clearly finds that none of the transactions it examined were material to the share price of the company. Now the ASX is relying upon events from May this year to justify a suspension in October of last year. Our shareholders deserve better than this.”
Focus on Visa
The events occurring in May this year is referring to the issues the company has had with Visa. In particular, on the 24th of May, ISX announced that it was ending its contractual relationship with Visa as a principal member.
According to the company’s statement at the time, iSignthis decided to end the agreement due to the proposed rules by Visa, which are set to come into effect in October of this year, because they will restrict trade and competition.
The announcement came after iSignthis was suspended from Visa earlier in the month, with the payment giant’s website showing that the suspension was done by its anti-money laundering division. However, ISX has rejected entirely that it has at any stage processed unlicensed operators. ASX directed the Payments identity company to conduct the Independent Expert review on the 1st of May.
Continuing suspension
The ASX also highlights what conditions iSignthis must satisfy before the exchange reenlists its shares. Namely, the exchange said the company has yet to provide a satisfactory response to its query letter regarding disclosures in relation to its arrangements with Visa and failing to provide the information requested by ASX in relation to certain shareholder requisitions.
However, it is worth pointing out that shareholders of ISX recently voted to leave the ASX in its annual general meeting, with nearly 95 percent in favor of leaving Australia’s principal securities exchange. Excluding directors, 87.46 percent of shareholders still were in favor of leaving the ASX.
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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