Commences Federal Court Action against ASX
Melbourne, Dec 5, 2019 AEST (ABN Newswire) - iSignthis Limited (
ASX:ISX) (TA8:FRA) has commenced legal proceedings against ASX Limited in the Federal Court of Australia to challenge the decisions made by the Australian Securities Exchange ("ASX" or "the exchange") to suspend, and not reinstate, the Company's shares for quotation on the exchange.
The Company is seeking, among other things, orders which require the ASX Ltd to lift the suspension and reinstate ISX's shares for quotation on the exchange.
ISX is concerned that investors are being denied the opportunity to trade their shares.
ISX is also concerned that the continuing suspension could harm the Company's standing with investors, customers and suppliers.
The Company regrets that it has been necessary to seek judicial intervention.
"We have taken this step in order to lift the suspension of ISX's shares. We are acting in the interest of our shareholders, as they have been denied the basic right to trade our shares for too long," said the Company's Chairman, Tim Hart.
The Company's Chief Executive Officer, John Karantzis, said "the company has responded promptly to each request for information from the ASX."
"We have answered scores of questions and provided more than 2000 pages of confidential documents dating back almost three years," said Mr Karantzis. "We have been patient and acted in good faith, but the Company's shares have been suspended for nine weeks."
Since the Company's shares were suspended, ISX has answered diverse questions from the ASX such as:
- Why a bundled service is billed on a bundled basis;
- Why it selected a particular European bank to hold client funds;
- How much did a change to Apple's privacy settings last year affect revenue;
- What website names are used by a customer;
- How its revenue is broken down by country; and
- Whether or not it offers services for initial coin offerings (ISX does not).
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.
A copy of the Company's Statement of Claim is provided in the link below:
https://abnnewswire.net/lnk/D9051NI2
About iSignthis Ltd
iSignthis Ltd (ASX:ISX) (FRA:TA8) is a hybrid monetary financial institution and also a RegTech leader in remote identity verification, payment authentication with deposit taking, transactional banking and payment processing capability. iSignthis provides an end-to-end on-boarding service for merchants, with a unified payment, electronic money and identity service via our Paydentity(TM) and ISXPay(R) solutions.
By converging payments and identity, iSignthis delivers regulatory compliance to an enhanced customer due diligence standard, offering global reach to any of the world's 4.2Bn 'bank verified' card or account holders, that can be remotely on-boarded to meet the Customer Due Diligence requirements of AML regulated merchants in as little as 3 to 5 minutes. Paydentity(TM) has now onboarded and verified more than 1.5m persons to an AML KYC standard.
iSignthis Paydentity(TM) service is the trusted back office solution for regulated entities, allowing merchants to stay ahead of the regulatory curve, and focus on growing their core business. iSignthis' subsidiary, iSignthis eMoney Ltd, trades as ISXPay(R), and is an EEA authorised eMoney Monetary Financial Institution, offering card acquiring in the EEA, and Australia.
ISXPay(R) is a principal member of Mastercard Inc, Diners, Discover, (China) Union Pay International and JCB International, an American Express aggregator, and provides merchants with access to payments via alternative methods including SEPA, Poli Payments, Sofort, PRZ24 and others.
Probanx Solutions Ltd, a wholly owned subsidiary of iSignthis Ltd, provides API based access to CORE Banking solutions, SEPA Core, SEPA Instant and SEPA business scheme, for neobanks, banks, credit unions and emoney institutions, and provides a bridge to the Eurosystem's Central Bank of Lithuania's CENTROLink service.
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