Should NTL update market on TMP?

NZX Guidance Note on Continuous Disclosure from December 2014 states:

3.1 The material information test
The most important consideration in relation to continuous disclosure compliance is whether information is “material”, and is therefore required to be disclosed immediately.
“Material information” means information in relation to an issuer that:

• a reasonable person would expect, if it were generally available to the market, to have a
  material effect on the price of the issuer’s quoted securities (A price movement of 10% or more in a quoted security will generally be treated by NZXR as evidence that information has had a material effect on the price of those quoted securities)

I believe the 12 month delay for the TMP and reasons for it constitute material information as if there are major issues the price would move more than 10%... Next step is there an exception

7 Exceptions to the Rules
There are a number of exceptions to the continuous disclosure rules, which are known as the “safe harbour” provisions. The “safe harbour” provisions permit material information to be withheld from immediate disclosure if certain criteria are met. Material information will not need to be released under rule 10.1.1 when:

1. (i) a reasonable person would not expect the information to be disclosed; and
2. (ii) the information is confidential and its confidentiality is maintained; and
3. (iii) one or more of the following applies:
   1. (A) the release of information would be a breach of law; or
   2. (B) the information concerns an incomplete proposal or negotiation; or
   3. (C) the information comprises matters of supposition or is insufficiently definite to warrant disclosure or;
   4. (D) the information is generated for the internal management purposes of the Issuer; or
   5. (E) the information is a trade secret.

I believe NTL fails on point 1 as the delay is now of sufficient length that a reasonable person now expects disclosure as shown by recent posts.

On point 2 is the TMP with the Hauraki Council confidential and has it been maintained. NZ Resource consent applications are by default not confidential. Applicants can apply for all or some of the application to be made confidential so this need further investigation.

Point 3 is irrelevant until point 2 determined.

Conclusion

I believe NTL should release an update on the TMP as the information is "material" and NTL is not exempted as a reasonable person would expect the information to be disclosed due to the 12 month time delay.

@robbo24 Thoughts??