The law (Corporations Act) requires continuous disclosure however there are allowances for commercially sensitive information. The difficulty comes in justifying why the owners were not able to be fully informed when asked to make a decision on the sale of the company or some of its assets.
One thing I do know is that you may not contract around the law - so if the information is of such a sensitive nature as to be a fundamental requirement for the shareholders to remain fully informed, then any condition of CIC could (and should) be set aside for the benefit of those shareholders. In my opinion, this would be the case here.
Also in my opinion, this is not really an issue as I don't believe there is any CIC conditions delaying the release of the IRR - it is simply more of the same.
Cheers
Badfish
MAE Price at posting:
41.5¢ Sentiment: Sell Disclosure: Not Held
