The ASX has released the final version of Guidance Note 8: Continuous Disclosure: Listing Rules 3.1 – 3.1B together with Continuous Disclosure: An Abridged Guide. (Background)

ASX has upgraded Guidance Note 8 to discuss:

• what ASX means by the word “delay” when it defines “immediately” as “promptly and without delay”;
• when an entity should ask for a trading halt to manage its continuous disclosure obligations;
• when ASX treats media and analyst reports and market rumours as evidencing a loss of confidentiality under Listing Rule 3.1A.2.

The Guide states:

“An entity which is relying on Listing Rule 3.1A not to disclose information about a market sensitive transaction it is negotiating should as a matter of course be monitoring, either itself or through its advisers:
 the market price of its securities and of the securities of any other listed entity involved in the transaction;
 major national and local newspapers;
 if it or its advisers have access to them, major news wire services such as Reuters and Bloomberg;
 any investor blogs, chat-sites or other social media it is aware of that regularly post comments about the entity; and
 enquiries from analysts or journalists,
for signs that information about the transaction may no longer be confidential and have a draft letter to ASX requesting a trading halt and a draft announcement about the negotiations ready to send to ASX to cater for that eventuality. The closer the transaction gets to being concluded, the higher the risk of leaks and the more diligent that monitoring should be.”