Digital media company Mooter Media (ASX:MMZ) has filed an appeal against an ASIC censure for alleged contraventions of continuous disclosure rules.
In a statement, Mooter Media said the company disagreed with ASIC's determination that Mooter skirted its obligations by not disclosing that it had commenced a secondary listing of US ADS shares.
Mooter had been unable to disclose the information before it had been cleared by OTCQX in the US, the company said. And other ASX companies which have listed on the ADS market have not disclosed plans to do so until after the process had been completed.
The company has appealed the ruling with the Administrative Appeals Tribunal. The company has meanwhile been forced to halt its takeover bid for Entellect Solutions until it updates its bidder's statement with details of ASIC's ruling.
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