YR, I doubt very much that the Veritas report would have just appeared. I'd been chasing the $1.04 Veritas report for a long time.
In the end I called Veritas who explained the Veritas way of doing things before he sent me the 85c report. He said that when a research report is published, Veritas keeps the report in-house four a couple of weeks to give their clients a chance to act on the report first. Then Veritas allows the subject companies to publish them on their corporate websites. This is standard practice.
I asked about TZ. He said that the same process applies. Obviously, we cannot assume that a research analyst is aware of ASX disclosure requirements, so I had a look myself. I checked the ASX listing rules. This is from Section 3.1:
Once and entity becomes aware of any information concerning it that a reasonable person would expect it to have a material effect on the price.....must immediately tell the ASX that information. Examples:
Any rating applied by a rating agency to an entity, or securities of an entity, and any change to such a rating
So far TZ has has 3 ratings from Veritas. I believe the 1st and 3rd research reports were not for the purpose of negotiation, and therefore no exceptions apply. Information should have been provided to the ASX.
Why not?
TZL Price at posting:
29.7¢ Sentiment: Buy Disclosure: Held
