Six months after one of the ASX’s stranger governance blow-ups, DroneShield is under the ASIC microscope. For some investors, the big question is: what was the hold-up?
Back in November, former chief executive Oleg Vornik and then chair Peter James sold down their entire ordinary shareholdings amid a large share price spike, after DroneShield erroneously announced a $7.6 million uplift in order flow as new business.
At the time, the selldown set off warning sirens across the market, and an investigation by the corporate regulator felt imminent. But it was only on Tuesday that DroneShield announced it had received notices from ASIC requiring it to assist with inquiries.
A spokesperson for ASIC confirmed the investigation, but declined to comment on exactly when the probe began.
