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.
Example of ASX announcement:
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01283677
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:
http://www.asxgroup.com.au/media/PDFs/Chapter03.pdf
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?
- Forums
- ASX - By Stock
- TZL
- open letter to tz
open letter to tz, page-45
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Last
2.5¢ |
Change
0.002(8.70%) |
Mkt cap ! $6.414M |
Open | High | Low | Value | Volume |
2.5¢ | 2.5¢ | 2.5¢ | $1 | 35 |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 39799 | 2.5¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
2.7¢ | 125000 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 39799 | 0.025 |
1 | 41873 | 0.023 |
1 | 185589 | 0.009 |
1 | 588000 | 0.008 |
1 | 100000 | 0.005 |
Price($) | Vol. | No. |
---|---|---|
0.027 | 125000 | 1 |
0.028 | 211025 | 2 |
0.029 | 4080 | 1 |
0.030 | 166667 | 1 |
0.033 | 24575 | 1 |
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