I complained to ASIC after the ASX referred them. My complaint was of directors potentially breaching their fiduciary responsibilities and I wanted ASIC to be aware that I didn't want the directors to bleed the company dry. This was at the time, BPG had over $20m worth of soar coins. If it was going to wind up then at least there would have been many millions available to be returned to shareholders. I was actually trying to protect us all. Now that the value of soar coins has plummeted, the issues are different.
Anyway, we will never know the exact reasons why the ASX wouldn't remove the suspension as the critical comments released by BPG (comms with the ASX) were redacted. The ASX has got a lot tougher these days and now the asset base of BPG has tumbled because it was propped up with soar coins, IMO, ASIC will not let BPG trade again unless it can satisfy clear and in impinged title to the coins. Without those coins, the company would be technically insolvent (liabilities greater than assets). In this instance, the directors are not allowed to trade or they will wind up in jail.
BPG has a long way to go before being re-listed. In fact, it might actually launch the exchange and still be suspended (that would be weird).
BPG Price at posting:
0.9¢ Sentiment: None Disclosure: Held
