RIDICULOUS Titan Minerals Limited (‘TTM’)
ASX refers to your email dated 28 November 2019 regarding TTM and accusing ASX of failing to take action against it.
As you will be aware, in response to ASX’s enquiries following the receipt of several complaints from stakeholders in TTM’s then-proposed acquisition of Core Gold Inc., on 13 June 2019, TTM released an announcement on the ASX market announcements platform (‘MAP’) addressing many of the allegations against it. ASX has continued to review further market intelligence received with respect to these matters and raise it with TTM when required. Based on these enquiries, ASX is comfortably satisfied that TTM is currently compliant with its obligations under the listing rules with respect to these matters.
Your email also:
• accuses ASX of manufacturing the identity of the listings adviser allocated to TTM. This is a plainly ridiculous allegation;
• accuses ASX being “good friends” with a Matthew Carr. ASX firmly rejects the suggestion that Mr Carr is a friend or associate of any of the staff responsible for monitoring and enforcing TTM’s compliance with the listing rules, as well as the imputation that ASX’s performance of its responsibilities as a licensed market operator have in any way been influenced by any personal associations; and
• alleges manipulation by TTM of its share price. As stated by ASX in a previous letter to you, ASX does not have power to enforce the law and rules that prohibit market manipulation or insider trading, which reside in the Corporations Act and the Market Integrity Rules administered by the Australian Securities and Investments Commission (‘ASIC’). These concerns should be directed to ASIC who is the responsible authority for investigating such matters.
In light of the outlandish allegations in your email and the fact that ASX’s response to these concerns remains unsatisfactory to you, ASX affirms its previous position that it can see no further benefit to either party in continuing to correspond on this matter. ASX will continue to review all market intelligence received with respect to all listed entities and take action where necessary.
I note in closing that any concerns regarding TTM’s compliance with environmental obligations are more appropriately addressed to a regulatory authority with power to investigate and take action with respect to such matters.
Regards
Tom Randall Manager, Enforcement
ASX Limited [[Listings]] ASX Customer Service Centre 131 279 | asx.com.au