As a public service announcement, I will have any new readers note: Those conditions were met in the July 2020 announcement, and as a follow-up, they were able to state that the ASX APPROVED the announcement.
i.e.
- identify what information in the announcement was price sensitive and why; A new agreement, therefore, price sensitive
- the purpose of the announcement if it is not marked as price sensitive and therefore not required to be disclosed under ASX Listing Rule 3.1; and price sensitive
- if the announcement includes a revenue projection or other forward-looking statement, to identify the reasonable grounds on which the statement was made and any material assumptions or qualifications underpinning the statement. 4. SPI has the right to adjust the Minimum Purchases quantities
- complies with the criteria set out in section 4.15 of GN 8 including naming counterparties properly and explaining the nature of the contract and significance to the entity; Eden’s 100% owned U.S. subsidiary Eden Innovations LLC (“Eden US”
, had signed a long term, 8 year agreement under which Eden US will sell EdenCrete®, and potentially other products, to Silent Partner International, Inc. (“SPI”, a US company based in Florida.
- clearly outlines the status of the agreement – whether it be a non-binding heads of agreement, framework or initial contract only; 9. Either Eden US or SPI may terminate the Agreement at any time in the event of a material breach by the other party
- does not contain superlative and exuberant language on the “material” nature of the contract when plainly it is not; and Nothing especially superlative and exuberant
- includes updated information where a previously announced material customer contract has not proceeded or has been terminated. No previous announcement
After, to clarify, A second announcement stated that the ASX was given the announcement and presumably the agreement and approved it.
"The Announcement, which had been
approved by the ASX before its release, informed the
market that Eden’s 100% owned U.S. subsidiary Eden Innovations LLC (“Eden US”
, had signed
a long term, 8 year agreement under which Eden US will sell EdenCrete®, and potentially other
products, to Silent Partner International, Inc. (“SPI”
, a US company based in Florida."
Of course, there is some conjecture as to the Company's legitimacy, but that is not what this post addresses.
