The Australian Securities Exchange (ASX), the primary securities exchange for the country, has released its recent correspondence with iSignthis (ISX), in which it states that ISX has declined to provide it with certain requested information and is, therefore, in breach of Listing Rule 18.7.
In particular, the ASX asked ISX, a payment identity company, to provide information under Listing Rule 18.7 in connection with shareholders’ requisitions to be considered at iSignthis’ upcoming annual general meeting, which will be held on the 17th of July 2020.
Specifically, ASX is referring to an announcement made by iSignthis on the 12th of June 2020, which said that it was in receipt of requisitions from members holding more than 5 per cent of voting rights that called for two resolutions to be put to a general meeting of shareholders – a resolution to delist from the ASX and a resolution to list on another exchange.
According to Listing Rule 18.7, an entity must give ASX any information, document or explanation that ASX: “asks for to enable ASX to be satisfied that the entity is, and has been, complying with, or will comply with, the listing rules or any conditions or requirements imposed under the listing rules;…”
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ISX responds to ASX
In a letter to its stakeholders, John Karantzis, the Managing Director at iSignthis Ltd said in an email seen by Finance Magnates: “Today the ASX released yet another one side letter, without allowing the Company to tell its side of the story.
“The Company has complied with the Listing Rule requirements under LR 3.17A, which requires “material information” to be disclosed regarding any notices received under s249N of the Corporations Act.
“The listing rule does not require disclosure of each person requisitioning the notice, nor the voting intentions of private shareholders to be disclosed to the ASX. I’m sure that this would be understood as a basic principle of a democratic society, and that any reading of the ASX listing rules will demonstrate that seeking this data is over reach by the ASX.
“Further, the Listing Rules do not apply to the Company’s compliance with Corporation’s Act – that is the role for the actual regulator, ASIC.”