I doubt very much that they will return the shares. As for the ASIC investigation, having seen what happened to CBA (Commonwealth Bank) many years ago, it would be a miracle if BPG is allowed to trade again, even if the exchange is built. BPG will have to jump over hot coals to prove their ongoing financial management and security before ASIC will let them trade.
Many years ago, CBA had miscalculated unit prices for a number of their super funds. APPRA (not as powerful as ASIC but still has a lot of teeth) gave CBA 6 months to recalculate their unit prices and compensate customers or be stopped from receiving any cash from customers. They employed around 200 people, as their systems were rubbish, and got it done. Not without serious concern.
The essence of this, is that these governing bodies are not easy hurdles to get over. Unless there is significant change in operations at BPG, I still have serious doubts that they will be allowed to trade again. $1m is chicken feed. At a minimum, they will need to win all legal battles and have nothing over their heads as well as some serious financial backing behind them to get back on the board.
BPG Price at posting:
0.9¢ Sentiment: None Disclosure: Held
