Interesting problem.Why would a public company restrict access?...

Interesting problem.

Why would a public company restrict access? Assume something is added to the site that only shareholders (potential shareholders) who know to ask for a password, and have obtained one, can see.

GBE is a small company, and in a very hot market sector (Australian Mining) so the test for what "a reasonable person would expect it to have a material effect on the price or value of GBE Shares" to paraphrase Corps Law 1002G could recognise a small item to be material.

Information is generally available (Corps Law Division 2 1002B (a)) if "it consists of readily observable matter". This is (clearly) not generally available, so it falls into the definition of "inside information" and the reader is now an insider.

The insider should not "subscribe for, purchase or sell, or enter into an agreement to subscribe for, purchase or sell, (GBE)" or

"directly or indirectly, communicate the information, or cause the information to be communicated, to another person if the insider knows, or ought reasonably to know, that the other person would or would be likely to subscribe for etc etc etc." (1002G)

So now they can't buy or sell, or tell anyone else who might buy or sell.

If that information is partially available, then GBE is also in breach of the listing rules. Listing Rule 3.1 requires information that a reasonable person would regard as price sensitive to be immediately disclosed.

Unless the password is only given to unreasonable persons (lol).

If the secrecy adds extra weight to an otherwise marginally important item, then the disclosure on a closed secret website doesn't satisfy 3.1.

The ASIC is particularly grumpy (rightly so) about selective briefing, as it creates insiders among a select group of market participants.

How selective can you get?

f111