Fintech unicorn iSignthis is the target of questions posed by the corporate regulator and the stock exchange, which dramatically suspended its shares from trading pending the outcome of inquiries by the two bodies.Late on Wednesday, iSignthis founder and managing director John Karantzis acknowledged the company was responding to "separate queries" from the Australian Securities Exchange and the Australian Securities and Investments Commission and declared iSignthis was co-operating with all questions.These, he said, were "triggered by recent share price movements in the company".“The company welcomes any opportunity to address regulator queries, which are a normal part of operating in regulated markets and industries, and is fully co-operating with regulators," Mr Karantzis said.iSignthis shares were suspended before the market opened on Wednesday morning. "As is well known, ISX has been suspended while ASX investigated the company’s compliance with the listing rules," a spokesman said.The ASX will provide a draft of its compliance findings to the company for its review and comment ahead of its public release to the market, the spokesman said.While iSignthis management has been telling some shareholders of its intention to sue the ASX, Thursday's announcement came as a surprise However, the lawsuit is relying on the Datafin Principle, in reference to a landmark UK ruling, which states that private entities may be subjected to the same standards of procedural fairness as public entities in certain circumstances.The filing also revealed the extensive efforts taken by iSignthis to be reinstated to the exchange.On October 28, iSignthis chairman Tim Hart wrote to ASX chief Dominic Stevens to complain about being asked to provide a "bewildering miscellaneous array of unrelated historical information" while expressing concern that information requests had been "leaked and received by a short seller" in ISX shares.Since shares in iSignthis were suspended, the company has been subjected to a range of questions from the ASX relating to its disclosures, its customers and the source of its revenues.Those responses have revealed that the majority of iSignthis revenue earned during a crucial 2018 half-year period was sourced via contracts andThe achievement of the $5 million revenue target resulted in the final tranche of performance shares being issued to management.Thursday's responses further revealed that several entities were "tagged" in iSignthis bank statements. Now the ASX is relying upon events from May this year to justify a suspension in October of last year. ASX directed the payments identity company to conduct the Independent Expert review on the 1st of May. More business customers were approved, taking the total to 304 up from 210 at June 30, and representing a 45 per cent increase.It follows a similarly bullish announcement on September 9 where the company said its annualised gross processing turnover volume exceeded $1.1 billion.The index inclusion came despite governance expert Ownership Matters describing an "opaque" ownership structure, in which the beneficial ownership of the second largest shareholder, Red 5 Solutions, is not known.The dual-listed company provides identification checks, payments and processing services to businesses such as gambling and online trading enterprises.
iSignthis has emerged as a market darling, soaring in … In fact, according to ISX, the ASX's own findings claim the initial suspension of ISX shares was based on speculation in the media. Normal text size Larger text size Very large text size. While ISX admitted the ASX, as a market operator, has every right to investigate listed entities and to suspend shares, the company claims its own suspension was unreasonable and subsequently an abuse of power. LHC owns over 8 per cent of iSignthis.A large portion of the company's ownership is concentrated in the hands of management. Enter your email address below. Now the ASX is relying upon events from May this year to justify a suspension in October of last year. (ASX) has recently released a statement regarding iSignthis Ltd (ISX), namely, clarifying the questions it was asking the Independent Expert regarding its recent review of the In particular, ASX said that it was clarifying the scope of the review and seeing if it complied with Direction 2 – which required ISX to engage an acceptable independent expert to review the company’s policies and processes to comply with listing rule 3.1 and to assess each contract entered into since the 1st of January 2018 to determine whether any additional contracts should have been disclosed under listing rule 3.1.On the 20th of July, 2020, Clayton Utz provided responses to those questions, the exchange said, and on Wednesday, the Australian exchange has asked a follow-on question in relation to the scope of their review. "The company believes that the interactions with the ASX during the last nine weeks raise issue of procedural fairness and good faith, as well as a substantive question about the actual reason for the suspension," iSignthis said in a release to the exchange.The court action came as the ASX published the company's responses to a fourth round of questions demanding information that it said had not been provided or was not complete, and how and when customer payments were made.iSignthis provided authentication, payment and settlement services to online businesses such as foreign exchange trading firms.The company, which had a market capitalisation of $1 billion when the ASX placed its shares in suspension, is demanding its shares be reinstated for trading.It is also seeking a declaration from the ASX that it treated iSignthis unfairly, in addition to costs and damages.The ASX said it intends to "vigorously defend its actions".
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