Ann: ELS operations and business update, page-9

3.2 When is information market sensitive? The test for determining whether information is market sensitive and therefore needs to be disclosed under Listing Rule 3.1 is set out in section 677 of the Corporations Act.14 Under that section, a reasonable person is taken to expect information to have a material effect on the price or value of an entity‟s securities if the information “would, or would be likely to, influence15 persons who commonly invest in securities in deciding whether to acquire or dispose of” those securities.