Global Iron and International Petroleum will continue their quest to be reinstated to the Australian Securities Exchange after an appeals tribunal said the stock market regulator should have taken additional information into account.
The ASX Appeal Tribunal yesterday backed a decision by the regulator to ban both companies, led by Tony Sage, from trading on the stock market due to concerns over the influence controversial businessman Frank Timis would have on both companies.
Both Global Iron and International Petroleum had struck deals with two companies associated with Mr Timis, who would have emerged with a 53 per cent and 47 per cent shareholding respectively.
In its decision, the Appeal Tribunal overturned the ASX's refusal to take into account the companies' additional submissions that were made to allay concerns raised by the ASX.
The submissions contained agreements that shares held by Mr Timis and his associates would be non-voting and that Mr Timis would not hold an executive or management role within both companies.
ASX had refused to take into account the additional submissions and said its decision, handed down in late March, was final and incapable of being varied.
Global Iron and International Petroleum both say they have already made fresh submissions to the ASX with respect to requoting the companies on the local bourse post completion of the transactions.
