It shouldn't be left to shareholders to second guess whether the Mitsubishi Loan is still on the table. An announcement should have been made by the directors as soon as they were aware that Mt Carbine was no longer a 'shovel ready' mine. Instead, they chose to wait to report it in the Annual Report? That in itself is a breach of their duties for continuous disclosure.
The whole point of strict continuous disclosure of information is to minimise the risk of insider trading. How many people knew about the seriousness of the sublease issues and sold out? Did Andy White sell out because of this fact?
Did the directors not read their own Corporate Governance Statement which was released today? Principle 5 of the report states the following:
PRINCIPLE 5: MAKE TIMELY AND BALANCED DISCLOSURE
Recommendation 5.1 - Continuous Disclosure Policy
The Board is committed to the promotion of investor confidence by ensuring that trading in the Company’s securities takes place in an efficient, competitive and informed market.
The Company, its Directors and Senior Executives are very aware of the ASX’s continuous disclosure requirements and ensures that all price sensitive information is identified, reviewed and disclosed to the ASX in a timely manner and that all information provided to the ASX is immediately available to shareholders and the market on the Company’s website.
In summary the Company will immediately notify the ASX of information:-
• Concerning the Company that a reasonable person would expect to have a material effect on the price or value of the Company’s securities; and
• That would, or would likely to, influence persons who commonly invest in securities in deciding whether to acquire or dispose of the Company’s securities.
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Ann: Full Year Statutory Accounts, page-21
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