Ann: Suspension Update, page-18

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HAC30

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19/03/18

12:20

Post #: 31854103
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Originally posted by jlo2012 ↑

From an AFR article in relation to recent changes made by the ASX to their listing rules (my own emphasis):

"The exchange said it would crack down on companies that announce contracts with major global customers that lack details; that don't mention the contract is conditional or subject to a trial period; that include loosely derived revenue projections; that aren't updated if the contract is terminated; or are presented as material or with other "superlatives" when they are not. "Whenever the ASX detects this sort of behaviour it will not hesitate to suspend the entity, query it and require it to correct any inadequate or misleading disclosures."

ASX are being extra cautious now and don't want another BIG or GSW to occur.

In addition to not disclosing the names of the US companies do others agree with me that CIO should have also provided a clearer update in relation to the $6.9m contract? In the recent announcement on 13 March they state that the new purchase order "is additional to the LOI announced on 6 February 2018 and the potential revenues do not form part of the previously announced relationship."

Should we have also expected them to provide an updated timeframe in relation to if/when the $6.9m contract will change from a LOI to a full contract? On 12 February they said, "the parties will move towards completing a definitive contract in coming weeks." Well, that was over a month ago now.

Surely something along the lines of "the LOI is in the final stages of being signed" or "there has been delay due to .....".

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Agreed, although they may have actually tried to put out an announcement in relation to this and the ASX pushed back to them to name the company. Just have to wait I guess.

CIO Price at posting: 2.8¢ Sentiment: Hold Disclosure: Held
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Ann: Suspension Update, page-18

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