There could be plenty happening that we don't know about because...

There could be plenty happening that we don't know about because there actually may not be an obligation to disclose. There could be plenty of preliminary discussions happening behind the scenes that require discretion from both sides to get the best commercial outcomes.

Also remember they're a small outfit - they're probably not getting HEAPS done every week or month...

im shooting from the hip here (will look into it more) but id say:
>attend conferences, no announcement.
>meeting with potentia suitors, no announcement.
>sign an NDA no.
>Sign a development agreement, yes.
>Sign an MOU, yes (if it involves a commitment to enter licencing agreement)
>Sign a licencing agreement, yes.
>receive an approach for takeover, yes.

id even argue out of fab is not "market sensitive" - the results are.