Ann: CMS final rule on radio-diagnostic reimbursement policy, page-16

Market sensitive for TLX and not for Cu6! How is this possible?

Per this document Guidance_Note_8.pdf:

• "An entity must disclose information “concerning it” that it becomes aware of from any source12 and of any character, if the information is likely to have a material effect on the price or value of its securities. Nevertheless, the qualification that the information must “concern” the listed entity is an important one.
• Generally speaking, a listed entity would not be expectedunder Listing Rule 3.1 to disclose publicly available information aboutexternal events or circumstances that affect all entities in the market, or ina particular sector, in the same way. All other things being equal, that is not information “concerning it”.

[An example on Gold prices is then given]!

• For instance, a gold producer would not generally be expected to disclose publicly available information about daily changes in the gold price on major metals exchanges or about a proposed increase in the taxes that miners generally are required to pay. This type of information will be available to the market at large and the market can be assumed to have absorbed its impact on the price or value of the entity‟s securities within a relatively short period after it became publicly available.
• By contrast, if the entity has previously given earningsguidance to the market and the change in the gold price or taxes islikely to cause its earnings to differ from that guidance by a material amount,that is information “concerning it” which it would be expected to disclose.

What it means!
TLX: Without this change, the Telix product that is already in market (Illuccix) was going to be affected as early as July next year 2025, and as such, revenue guidance for that 2025 should be materially affected (positively) by this change. In that case, it is/was clear cut Price Sensitive, and indeed we have seen the movement in the share price breaching $22+ for the first time. The SP response was seen with Lantheus as well.
CU6: This change just led to growth of the opportunity that was being targeted, but Cu6 have some bridges yet to cross (the risk of failure still remains). I think the SP will likely lift as well as people try to get in ahead of potentially greater thing to come.