Ann: PD1-Vaxx Presentation at ESMO Congress 2021 Annual Meeting, page-69

Hi O&E.

I think you will find that material information falls under continuous disclosure requirements. It is not a subjective test as you indicate; it has always been an objective one. In relation to the fact its a WA judgement - many rely upon this and has been cited many times as leading judgement on the meaning of s1001D.

The test does not have subjective elements per se - its all based on the concept of whether a 'reasonable person' would think it affects people who commonly invest in such securities. Price only becomes a factor after the event if a court has to determine after whether it was "price-sensitive".

Roger