Fresh From The Cupboard, page-1492

Disclosure Obligations under ASX Listing Rule 3.1

1) Where a listed entity is found to have not had a reasonable basis for such statements, then it will usually be held to have misled the market and be liable under section 769C of the Corporations Act. This sort of misconduct is regulated by the Australian Securities and Investments Commission (‘ASIC’.

When more than a dozen forecasts of “finalising offtake agreements” and “getting a Financial Investment Decision” don’t materialise, those statements may be considered in a number of ways: Misleading; Deceptive; Bias; Unrealistic; Unethical, Unreasonable; or bad luck, bad timing, bad market conditions. Easier to establish the first 6 arguments as this took place over 4 years!


2) Forward-looking statements will trigger an obligation under listing rule 3.1 when the entity knows sufficient information to reasonably indicate that a material prior statement will not eventuate as predicted, and that the deviation will be material to the price of the entity’s securities.

On the occasions mentioned, LNGL didn’t notify the market when they knew the material statements would not eventuate, rather, they referred to this information as being ‘confidential’ and perpetuated those statements with further statements speculating on successfully achieving binding offtake agreements, FID and beginning construction.