ASX sends soccer boot maker XPD a to-do list to prevent de-listing
It has taken six months but Chinese soccer boot maker XPD might finally have nutted out just how much its directors own of the company.
The ASX last month agreed to put off de-listing XPD following its satisfactory completion of a number of remedial actions set in February.
But on Wednesday the ASX published a to-do list reminding XPD it still had a number of outstanding actions to take.
The list included items as simple as appointing a communications representative or registering for the online lodgement of documents.
XPD must also lodge directors interest and substantial interest forms for three related parties and appoint an independent expert to review and recommend changes to the company’s compliance procedures.
XPD will have to announce a comprehensive operational update and hold an annual meeting at which three of its board must stand for re-election.
The company has until August 1 to complete the list of requirements. Though the ASX has reserved its right to remove XPD from the bourse “should the circumstances warrant it”.
Shares in the maker of soccer-related products in China last traded at 3.3c in October.
All of this takes place while XPD’s majority shareholder builds a case against the company.
In December, Mejority Capital (ASX:MJC) told the market it would have no choice but to write down its core investment in XPD and commenced federal legal action to access documents to see if they can sue for damages.
They said their holding in the company had diminished from more than $1 million at June 30, 2016 to $292,548 this year.
After a court hearing late last month, XPD agreed to share documents with Mejority.