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ARTICLE · 10 OCTOBER 2006

Continuous Disclosure: Court Urges Junior Explorers To Err On The Side Of Caution

Gadens Lawyers
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In a decision handed down last month, the Supreme Court of Western Australia sent a message of caution to ASX-listed companies, particularly junior explorers, regarding the importance of the timely release of market-sensitive information.

AustraliaEnergy and Natural Resources

In a decision handed down last month, the Supreme Court of Western Australia sent a message of caution to ASX-listed companies, particularly junior explorers, regarding the importance of the timely release of market-sensitive information.  The decision demonstrates that not only does the failure to disclose market-sensitive information mean a breach of the ASX Listing Rules and the Corporations Act, but that non-disclosure may lead to a finding of negligence and an order to pay damages.

On 6 September 2006, Master Sanderson of the Supreme Court of Australia awarded approximately $1.8 million in damages to a former shareholder and managing director of Jubilee Mines NL (Jubilee) for its failure to comply with continuous disclosure requirements of the Corporations Law in force in 1994.

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