Disclosure Obligations on the Company
Listing Rule 3.1 requires the Company to immediately disclose to the ASX
information concerning the Company that it is or becomes aware of that a
reasonable person would expect to have a material effect on the price or value of
the Company's securities.
This rule does not apply to particular information, if and only if each of the
following applies:
• a reasonable person would not expect the information to be disclosed; and
• the information is confidential and the ASX has not formed a view that the
information has ceased to be confidential; and
• one or more of the following applies:
i. it would be a breach of a law to disclose the information.
ii. the information concerns an incomplete proposal or negotiation.
iii. the information comprises matters of supposition or is insufficiently definite to
warrant disclosure.
iv. the information is generated for the internal management purposes of the
Company.
v. the information is a trade secret.
This argument is not about FWA, it is about when and what should have been disclosed to shareholders.
As a shareholder, I think it pertinent to be informed that the Company was planning to ground the airline, costing tens of millions.
I would also say the plan to ground the airline was sufficiently definite to warrant disclosure. The facts coming to light now regarding hotel/courier bookings reiterates the plans were definite.
It now depends on whether ASIC will investigate and take action.