background on our board members, page-23

"ASX listing rule 3.1 states:

"3.1 Once an entity is or becomes aware of any information concerning it that a reasonable person would expect to have a material effect on the price or value of the entity's securities, the entity must immediately tell ASX that information."

Why was this not observed? "

Correct, however in the interests of completeness we should also note that there are definitive exceptions to the above, refer ASX LR 3.1A (link below), eg confidential negotiation, incomplete proposal etc.

http://www.asxgroup.com.au/media/PDFs/Chapter3.pdf

Cheers