Ann: Halls Creek Scoping Study Commences and Refinery Update, page-5

Listing Rule 3.1 requires a listed entity to disclose information7 “concerning it” that “a reasonable person would expect to have a material effect on the price or value8 of the entity‟s securities”. This type of information is referred to in this Guidance Note as “market sensitive information”.9

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.