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ASX refuses to end Stream share suspension

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The Australian Securities Exchange (ASX) has rejected an application by troubled claims services group Stream to lift the suspension of its shares.

“They have, in effect, deferred consideration of our application until they see our audited accounts for the half-year to December 31,” Chairman Larry Case told the company’s annual general meeting.

“We propose to make a further submission… asking them to reconsider their position, since the continuing suspension disadvantages both our shareholders and the company.”

In December 2015 Stream’s Australian business was put into administration and subsequently liquidated, and in May last year its UK business was sold. This April its New Zealand subsidiary, rebranded as Symetri, was acquired by Gallagher Bassett.

Stream continues to provide software services to the NZ and UK businesses.