ZipTel asks for another extension while it has a chat with the ASX
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ZipTel’s back-and-forth with the ASX about a recent deal it announced to the market appears to be taking longer than expected.
The company was asked to explain itself earlier this month after a revenue-sharing deal saw its share price skyrocket from 1.8c to 4.3c.
The ASX asked ZipTel (ASX:ZIP) an eye-wateringly tough list of questions, including who wrote the market announcement, whether it was approved by the board, why it appeared to have been lodged late and exactly how the revenue figures were calculated.
ZipTel’s reply on August 18 was just as pointed, and started off by noting that the ASX’s letter had arrived just four minutes before 6pm. You can read the exchange here.
ZipTel issued an updated version of the announcement on the same day — but it would appear the matter still isn’t resolved.
Late on Tuesday ZipTel issued a second request to extend its suspension, pending the ongoing conversation.
“The company is in discussions with ASX and will provide the market with a further update on the suspension on or before Friday, 25 August,” it said.