FYI changes to ASX Listing Rules came into effect on 1 December which (among other things) provide the ASX more discretion in respect to new and backdoor listings including being able to reject applications based on the calibre of the promoters or advisers. Hopefully, Otsana and the gang are on the ASX's good side after this debacle or else any further vend or re-listing is going to be challenging.
There are also change requiring a newly listed entity to plan to have a business plan to spend half of its held cash in the first two years. Reading between the lines, seemingly the ASX is trying to further crack down on shells and RTOs. It all paints a picture about why this process has been so difficult thus far.
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- Ann: Company Update - Withdrawal of In-Principle Application
Ann: Company Update - Withdrawal of In-Principle Application, page-87
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