Following discussions with ASIC and the Australian Stock Exchange, Ballarat Goldfields made announcements to the stockmarket on 15 and 19 February 2001. However, ASIC's interim stop order remains in force pending the lodgement of a supplementary prospectus by Ballarat Goldfields.
Investors rely on the market being informed of price-sensitive information.
ASIC will work with the Australian Stock Exchange to prevent trading in shares in a company in an uninformed market', Mr Drysdale said. Ballarat Goldfields is a listed gold exploration company. The prospectus also failed to detail what steps, if any, Ballarat Goldfields would take should the overdraft renewal not occur.