Ann: Chairman's Address to Shareholders, page-37

We should probably accept the situation and see if there are any positives.  The bottom-line is that on several occasions management have said and as Dr Suhy will announce at the upcoming Liver conference ‘the trials are continuing as expected’ which IMO means they are getting similar results to those achieved at the same stages in the NHP trials.
  
Given that the NHP results were impressive I see little or no need for concern – the NPH results even satisfied the FDA or this minnow Aussie biotech we wouldn’t be running the human trials.

So in this context what would constitute material event. Certainly not the fact that the trial is progressing as expected for the simple reason that was what was expected.

Probably not information related to partnership discussion (see point A bold below) or extraordinarily good or bad data from one or two patients (see point B bold below).   

Aside from the trials being halted by a treatment-related death or some other catastrophe the material event will only occur when all data from all cohorts has been analysed and statistically significant conclusions can be made and presented (good or bad)

We can choose to keep tearing ourselves apart over 'this and that' or accept the fact that we ain’t goin’ to know nothin’ until the trial is finished.

Background
This Guide is published by ASX to assist listed entities and their officers to understand and comply with their disclosure obligations under Listing Rules 3.1 and 3.1A.
Material Event
These rules provide: 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.
Exclusions
3.1A Listing rule 3.1 does not apply to particular information while each of the following requirements is satisfied in relation to the information: 3.1A.1 One or more of the following 5 situations applies: · It would be a breach of a law to disclose the information; A· The information concerns an incomplete proposal or negotiation; B· The information comprises matters of supposition or is insufficiently definite to warrant disclosure; · The information is generated for the internal management purposes of the entity; or · The information is a trade secret; and 3.1A.2 The information is confidential and ASX has not formed the view that the information has ceased to be confidential; and 3.1A.3 A reasonable person would not expect the information to be disclosed.