Why IMU is a multi multi bagger, page-24757

When one reads the obligation under ASX Rule 3.1 it is important to also look at the exception to the rule.

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:

+ the information concerns an incomplete proposal or negotiation:

+ 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.

All ASX listed companies rely upon the exceptions when forming a view on their specific continuous disclosure obligations that apply to their fact situations.

If one alleges that a company is in breach, then that necessarily brings into question whether it can adequately rely on the exception. Impropriety in this area of compliance is significant and would imperil that company’s standing in the eyes of other regulators such as the TGA and the FDA for example. It is an area that an ASX entity will always look at very seriously.

Many companies in the situation of IMU will be able to argue that certain trial information is insufficiently definite and then form an argument to satisfy the other elements that the information is confidential and reasonableness for disclose.

I am not arguing for or against compliance with the disclosure obligations by IMU in relation to Hervaxx or PD as I do not feel I have enough information. I do have confidence in their compliance processes. However, putting absolute compliance aside, the need for communication to be comprehensive without impacting the obligations or commercial opportunities faced by IMU is always important for the company to balance.