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We had ASIC, not to mention a 77-page announcement to the Australian Stock Exchange - a substantial shareholder notice by Macquarie Bank in Macquarie Infrastructure australian cultural history Group (MIG) - replete with 4200-odd transactions by six entities stretching over a year. Our source, a veteran of the markets, couldn't make head or tail of it. Neither could australian cultural history funds managers and stockbrokers. Could anybody? One would have thought that in this liberal democracy the institutions of government would be champions of transparency and market disclosure. Ahem. Two weeks ago we had approached ASIC and the ASX with a simple australian cultural history request from a MIG shareholder: what does this announcement mean? To its credit, the ASX is still trying to find an answer. And the corporate watchdog did have a shot at it. But after three days of apparent inquiry, ASIC said it was unable to comment. So we had an argument instead. "We don't know that it's our job to explain it," said an ASX spokesperson.
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