Continuous disclosure continues to be front of mind for listed
companies.
This is clearly evidenced by the Fortescue Metals case, renewed
warnings by ASIC Deputy Chair Belinda Gibson and the "speeding
ticket" handed out to Nufarm at the end of last year (to name
just the most recent examples).
A new ASX Guidance Note aims to encourage the use of trading
halts and voluntary suspensions to manage continuous disclosure
issues – although it also highlights their
limitations.
Background
Listing Rule 3.1 requires the immediate disclosure of
price-sensitive information about a company.
This is subject to a few exceptions (such as where the
information relates to a confidential and incomplete proposal).
However, the scope of those exceptions is narrow and getting
narrower.
