@Davy Boy ... It doesn't matter who knows what providing the stock isn't trading, it's if the market is trading where the trading must be stopped until the market is informed. A simple trading halt subject to results of Mk2 satisfies the rules and allows the company 2 days of TH to prepare the full announcement.
It doesn't matter what the media reports after the TH has been placed, as no trading is happening. In my prior post I mentioned the correct order, SM contacts company secretary to place the TH announcement, next call 10 seconds later is to the Zimbabwe president or contact. The company secretary back in Aus will be prepared to immediately release TH announcement, which the ASX will do before SM has finished call with the Zimbabwe pres..
There will be no time for the news to leak in Zimbabwe before the TH is enacted..
If the discovery happens on the weekend, then Zimbabwe Pres first, as the ASX is closed, no-one there to read an announcement until Monday morning, so allows the company time to put in announcement on Monday morning before trading..
We read about takeovers all the time in the weekend press, with announcements coming out on Monday morning, so not unusual for news to be out when the ASX is not trading.
What's worse, is despite what the detail of the rules might say, the ASX and ASIC are toothless tigers, and providing there was no blatant trading on news of discovery before an announcement, they would not take any action. Every company and director knows this, so a quick TH to ASX and bum covered, can then be all over media before official announcement..
IVZ Price at posting:
18.0¢ Sentiment: Buy Disclosure: Held
