The obligation of continuous disclosure under Listing Rule 3A and s 1001A of the Corporations Law requires assessment of whether information is price-sensitive by reference to all relevant information, including the company's expert assessment and its intentions, not merely the raw data in isolation. Disclosure of incomplete information that would mislead the market is not countenanced by the continuous disclosure regime. Where disclosure of all relevant information (including that the company has no intention to act on the data) would not influence persons who commonly invest in securities, no disclosure obligation arises. The question of whether s 1001D applies to Listing Rule 3A was left unresolved, with Martin CJ and Le Miere AJA holding it does, and McLure JA holding it does not.
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