Sage continues ASX fight

Tony Sage has been dealt another blow in his bid to overturn an Australian Securities Exchange ban on his companies International Petroleum and Global Iron.

Both companies today said the ASX has upheld its March decision to ban them from trading over concerns the stock market regulator had with two separate business dealings with controversial businessman Frank Timis.

Global Iron and International Petroleum had taken the regulator's decision to the ASX Appeal Tribunal, which reaffirmed the decision but said the regulator had erred in not accepting additional submissions from both companies.

The submission contained agreements that shares held by Mr Timis, who would have emerged with substantial shareholdings in both companies, would be non-voting and that Mr Timis would not hold an executive or management role in either company.

Both companies had lodged the additional submissions with the ASX following the Appeal Tribunal ruling, however the ASX this week ruled that its March decision is final.

Global Iron and International Petroleum today said they both intend to appeal the decision and have retained prominent Perth lawyer Martin Bennett.