iSignthis shares suspended over ASIC and ASX enquiries

Written on the 3 October 2019 by Matt Ogg

iSignthis shares suspended over ASIC and ASX enquiries

Shares in payment identity verifier iSignthis (ASX: ISX) have been suspended since yesterday pending the outcome of price movement enquiries from the stock exchange and the Australian Securities and Investments Commission (ASIC).

ISX shares rose 14 per cent on Tuesday to hit $1.07 after the group reported the annualised gross processed transaction value (GPTV) for its Payday Ecosystem in Europe and Australia.exceeded $1.9 billion in September.

It was a similar market reaction to the last time iSignthis issued a GPTV update. On 9 September shares surged 14 per cent to $1.565 after the group reported the figure surpassed $1.1 billion in August.

Much has happened since then in what have been a turbulent few weeks for the Melbourne-based company.

After hitting an all-time high of $1.645, ISX shares tumbled after a report from Ownership Matters questioned the performance rights given to top executives, with two price queries from the ASX in the space of five days.

Now the company is under the regulatory microscope again, prompting a suspension from official quotation yesterday.

"In consultation with the Australian Securities and Investments Commission ('ASIC') and having regard to the recent volatility in its share price, ASX has determined that it is appropriate to suspend trading in the shares of iSignthis Ltd ('ISX') with immediate effect under Listing Rule 17.3, pending the outcome of enquiries to be made by ASIC and ASX into a number of issues concerning ISX," the ASX said.

In a media release last night, iSignthis CEO John Karantzis confirmed the company was currently responding to the separate queries from the ASX and ASIC.

"The company welcomes any opportunity to address regulator queries, which are a normal part of operating in regulated markets and industries, and is fully co-operating with regulators," Karantzis said.

"In the last year the company has faced multiple audits without any material concerns arising."

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Author: Matt Ogg

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