News Alert, page-124

The location of the price sensitive news is irrelevant. Publicly listed companies are legally obligated to adhere to Listing Rule 3.1, which concerns continuous disclosure - that being; a company must immediately disclose any information that a reasonable person would expect to have a material effect on the price or value of its securities. In the case of MAY, its oil well in Cuba would be material (it could hardly be argued otherwise!).

The consequence of non-disclosure is two-fold - ASX imposed actions such as queries, suspensions and fines, and ASIC imposed penalties which can be levied against both the company and it's officers. Directors can then be exposed to lawsuits from the company's shareholders.

If there is a reason why news cannot be disclosed, then the company should pre-empt this and request the company be suspended.

I don't know what is going on with MAY and am not making any accusations / inferences. I'd simply like to see a meaningful update on what the heck is happening with its key asset.