2021 BRN Discussion, page-24676

Hi @tezzq

The problem for any company on the ASX is this and why they cannot do what you have asked about.

Anything that might affect the market for its shares has to be released firstly on the ASX. The reason being is simply a question of fairness to all shareholders by giving all shareholders equal access to the information.

If a company issued a press release and it affected the market for its shares the Directors and the company can be penalised.

A little while back I was reading about an ASX listed company I think it’s ticker is DOU where a Director gave an interview to a magazine in the US and it came out on the weekend in the US and the ASX price of its shares responded on the Monday before the announcement was released. It was a bit of a storm in a teacup but the ASX took it very seriously. If I have the ticker correct there will be lots to read in the ASX announcements.

In BRN’s case their problem is they have customers who do not want to be named. BRN is acting cautiously as it does not want to risk these relationships and they want to develop a trusted brand in the commercial world.

If they put something out of this type and it affected the market for BRN shares then the ASX becomes empowered and they could direct full disclosure and in a worst case this would include the customer name and you know where that could lead.

As a lawyer I would personally have my clients walking on eggshells. Having said this I had a couple of lovely nightmare commercial clients who would make appointments for advice on what they had thought of doing and at the conclusion they would say well you know I am going to do it anyway and it will be up to you to fix it.

These clients though we’re running private companies and did not have shareholders interests to consider it was all on their own head. They were prepared to take these risks.

It is an entirely different thing when you are running a public company and you can be held to account by your shareholders if you f…up in this way.

I hope this helps.

My opinion only DYOR
FF

AKIDA BALLISTA