I disagree. Havelock has cristal clear rules and they take no responsibility for anything but listing, trades and dividend distribution. In the mintspare case, what do you suggest they do? Just give shareholders escrowed funds? That's not how it works. Also, your rant regarding concentration of failures: fail rates well within range for 1st year startups.
Well, that's the deal.
Havelock is de facto a mere broker, whereas it may appear to be a stock market with some guarantees - an image reinforced by their statement that only certified/qualified companies are listed.
In reality it's a broker, and the underlying market is a no-rules, no-guarantees bucket shop fest.
People should re-adjust their perceptions accordingly.