Ann: NAIF Approves $160m Loan for Thunderbird Project, page-23

Think transparency and your comment about not being in the interests of shareholders is kind of the point, no? Which shareholders? We are not all equal, transparency is supposed to accommodate that inequality by giving news to all at the same time. Don't know if that did or didn't happen, but the share price provides a good indication (only an indicator, not a confirming fact).

Anyway, the Corporations Act probably lays out the rules for announcements of a material and market sensitive nature, can't look now but did what happen follow or break the rules? Pretty straighforward to investigate one would hope. When did Bruce/SFX know of the NAIF decision. When was it an irreversible 'yes'? When did SFX notify the market? If a long gap, why, what reasons? Check the share register for who loaded up during that period, image phones and emails, and start interviewing. That won't happen as ASIC are unlikely to have the appetite. Not sure it ever has had. Anyone who say it's more complicated than that is too invested (emotionally and subjectively, for whatever reasons eg: political, or "you don't understand all the factors", "timing wasn't perfect", "couldn't get hold of boss he was on holiday"etc etc).

Am not suggesting SFX leadership has violated the Act or rules, just saying that's the process to find out one way or another.