Hi Trommel,Rule 3.1 requires continuous disclosure of material...

Hi Trommel,

Rule 3.1 requires continuous disclosure of material information: https://www.asx.com.au/documents/rules/Chapter03.pdf

Once an entity is or becomes aware of any information concerning it that a reasonable person would expect to have a material effect on the price or value of the entity’s securities, the entity must immediately tell ASX that information.

Rule 3.1A has an exception for incomplete negotiations.

I note that MNS says the term sheet has been 'signed' though, so unless your understanding is now that continuous disclosure does not apply because IM3 is only 47% owned by MNS then it would be difficult to my mind to reconcile this rule if you and I agree that the difference between a non-binding term sheet and a binding term sheet is material.