iSignthis: Ongoing court proceedings Update
iSignthis has released a letter to update Shareholders about the ongoing court proceedings against the ASX Ltd, being the respondent in Federal Court action brought by the iSignthis Ltd.
The letter is signed by Mr. N J (John) Karantzis, the Managing Director of iSignthis Ltd. The letter notes:
I am writing to you to keep you up to date with our ongoing court proceedings against the ASX Ltd, being the respondent in Federal Court action brought by the Company.
iSignthis Ltd has applied to the Federal Court to:
- Extend our Statement of Claim to address the ASX’s Statement of Reasons and its veracity under s1041H of the Corporations Act
- Introduce a damages claim for what ISX alleges is misleading and deceptive conduct by the ASX under s1041H of the Corporations Act
- Seek initial damages flowing from this new issue of $27 million.
It is usual practice that amendments to a Statement of Claim would not require this extraordinary request of the court, as parties would normally simply agree in order to save court time and costs.
Amendments to a Statement of Claim are common in the ordinary course of litigation. The affidavit, which we are providing to you as a shareholder, includes the background correspondence in the last few pages as to why this step was necessary.
The Company continues to advance its case per the proposed amended Statement of Claim (SoC) which can be accessed here http://www.isignthis.com/socv2 . The markups in this document are intended to allow for clarity between the original SoC and the revision.
Finally, while the currently articulated damages claim is for $27 million, we believe that further substantial damages relating to the broader claim will be quantified in coming weeks.
The matter is scheduled for 930am 17th July 2020 to be heard by Justice Davies of the Federal Court, which is coincidentally the day of our Annual General Meeting.
We will continue to keep our shareholders updated via direct communications, noting that the use of the ASX Market Announcement Platform (MAP) by ISX is at the ASX’s discretion.
N J Karantzis,