Are There Rules around Suspended Shares?

Landerstand on 04/05/2016 - 14:36

I was given an option a few years back to buy shares as a company i work with went public through ASX. I bought 1 lot of it.
After a while the share prices went down and it never recovered.
The company is a group that owns/has shares in a few private companies around the world.

Some time ago one of the Australian private company belonging to the group went to VA. This entity is the largest that they have in AU and the rest of the group operations were much affected by this.

Technically, the group since it owns many others still exists. The operations in other countries continues and some are in the green. However, the group has declared the share as suspended a while back.

I know my outlook aren't good, and no one would probably buy the shares anyway if they weren't suspended but I'd like to know if there are rules around how long it can be suspended since it's been almost half a year and there doesn't seem to be any change in the suspension.

Is a company allowed to suspend shares indefinitely? If yes, how come?!

The share price is very low at below $0.50

Any knowledge is very much appreciated.

PS: Since this is the only share I have, I don't see much benefit in getting a financial adviser for a non-value share lot.

Financial

Comments

  • Cupcount80 on 04/05/2016 - 15:53

    Dick Smith shares?

  • azm on 04/05/2016 - 16:17
    +1

    Hotcopper forums may be worth to have a look if it is ASX listed.

    • anderstand on 04/05/2016 - 17:07

      Thanks, did not know that exists, just had a look at the forum, many angry people :P

  • thirtysixd on 04/05/2016 - 17:31

    If its a complete dud and you want the capital loss you can do an off market transfer (i.e sell shares for 0c)

    • bluesky on 04/05/2016 - 21:32

      I didn't know that it can be 0c. This is interesting! I thought that for consideration to be valid, it has to have a value, in other words, above 0?

    • chumlee on 04/05/2016 - 21:42

      Yep transfer your shares to a pet if you have one

  • GameChanger on 04/05/2016 - 19:45

    ASIC would have suspended the shares, not the company. And it can be for indefinite period.

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