ASX rejects backdoor listings

The Australian securities exchange has blocked an attempt by the businessman Frank Timis to conduct back-door listings worth more than $500 million because of fears over his record of poor disclosure. Followers of Firepower will recognise Timis as the man Tim Johnston chairman hooked up with over in London when they formed Green Power Corporation after Firepower went into liquidation back in Australia. Remember the boasts about how investors would get all their money back when Green Power listed in London?

Timis, a Romanian-born Australian, earned the ire of British investors as chairman of Regal Petroleum, which was recently fined £600,000 by the Alternative Investment Market for misleading investors. He had planned to list on the Australian sharemarket through two reverse takeovers of small-cap explorers Global Iron and International Petroleum, both of which are chaired by his friend, Tony Sage, who also owns the A-League soccer club Perth Glory.

According to a press release issued yesterday by International Petroleum the companies intend to retain the Perth lawyer Martin Bennett to fight the move. Bennett was the lawyer in an unrelated recent court judgement that cleared his client Nigel Mansfield of insider trading charges. By coincidence, Mansfield’s co-accused in that case was the underworld figure John Kizon. Kizon, you will recall, was a major shareholder in both Firepower and Green Power through an obscure entity based in a Malasyian tax haven. The West Australian has more on the case here and here.

Leave a Reply