The ASX Appeal Tribunal has overturned the Exchange's earlier decision to ban the relisting of shares in two Tony Sage companies, International Petroleum and Global Iron.
The ASX Appeal Tribunal has overturned the Exchange's earlier decision to ban the relisting of shares in two Tony Sage companies, International Petroleum and Global Iron.
In March, the ASX announced that it would not allow the relisting because of concerns the stock market regulator had with two separate business dealings with controversial businessman Frank Timis.
In May, the Appeals Tribunal upheld the decision the ASX has upheld its March decision.
Today, both Global Iron and International Petroleum have released statements saying that the ASX Tribunal found that "the decision by ASX were infected by error and must be set aside."
IPL was seeking to acquire Mr Timis' Eastern Petroleum Corporation, while Global Iron had plans to acquire African Petroleum, another of Mr Timis' companies.
Mr Timis has past heroin convictions and has limitations placed on him by the Toronto Stock Exchange.
Speaking from Greece, where he is on a business trip, Mr Sage said he was happy with the ASX appeal tribunal's decision and that the situation should never have arisen.
"My staff have taken abusive phone calls now for five or six months from normal shareholders and it didn't have to happen," Mr Sage said.
He said the situation could have been avoided if the ASX had communicated better with him and Mr Timis.
"Mr Timis has offered five or six times to meet the ASX in Sydney and on each occasion they have refused," Mr Sage said.
"There was a lack of consultation and a lack of communication that has just been the hallmark of this period in our lives."
Since the ASX made its decision, IPL has taken steps to be listed on a rival bourse, the National Stock Exchange of Australia (NSX).
Mr Sage said he hoped IPL and Global Iron would be tradeable on the ASX again soon.
"The ASX has confounded us for six months now ... so you never know," he said.
International Petroleum is proceeding with its listing on the NSX, having been admitted to the official list on 15 June.
Global Iron is also proceeding with its application to list on NSX.
Mr Sage said Cape Lambert Resources could also be indirectly impacted by the ASX's latest decision because Mr Timis is the largest shareholder in a company called African Minerals, which is Cape Lambert's largest shareholder.
