open letter to tz, page-45

YR, I doubt very much that the Veritas report would have just appeared. I'd been chasing the $1.04 Veritas report for a long time.

In the end I called Veritas who explained the Veritas way of doing things before he sent me the 85c report. He said that when a research report is published, Veritas keeps the report in-house four a couple of weeks to give their clients a chance to act on the report first. Then Veritas allows the subject companies to publish them on their corporate websites. This is standard practice.

Example of ASX announcement:

http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01283677


I asked about TZ. He said that the same process applies. Obviously, we cannot assume that a research analyst is aware of ASX disclosure requirements, so I had a look myself.
I checked the ASX listing rules. This is from Section 3.1:

http://www.asxgroup.com.au/media/PDFs/Chapter03.pdf

Once and entity becomes aware of any information concerning it that a reasonable person would expect it to have a material effect on the price.....must immediately tell the ASX that information. Examples:

Any rating applied by a rating agency to an entity, or securities of an entity, and any change to such a rating



So far TZ has has 3 ratings from Veritas. I believe the 1st and 3rd research reports were not for the purpose of negotiation, and therefore no exceptions apply. Information should have been provided to the ASX.

Why not?