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Are you sure? Continuous disclosure rules ASX Listing Rule 3.1...

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    Are you sure?
    Continuous disclosure rules
    ASX Listing Rule 3.1 imposes an obligation on a listed entity to “immediately” notify the ASX when it becomes aware of any information concerning it which a reasonable person would expect to have material effect on the price or value of the entity’s securities.  Clearly, a potential takeover approach would have a material effect on a company’s share price.
    However, LR 3.1A contains an exception to the general disclosure obligation where the information is confidential and relates to an incomplete proposal or negotiation.  A key aspect of the exception’s application to takeovers is that any takeover approach remains confidential.
    LR 3.1 is given legislative force through the Corporations Act. Contravention of the legislative provision is an offence unless the person involved took all reasonable steps and believed on reasonable grounds that the listed company was complying with its obligations. Shareholders can also take civil action for breach of the continuous disclosure obligations. While not in the takeover context, several shareholder class actions have been made in respect of breach of continuous disclosure rules.
    https://www.lexology.com/library/detail.aspx?g=6c94c541-4823-467b-885f-6b8f2becadd2
    http://www.asx.com.au/documents/rules/Chapter03.pdf
    I doubt that OSH are talking to us, our reserves are unproven but better to read and understand the rules.
 
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