I am somewhat cheered up by a (short) delay. I could think of a lot worse things happening before the opening bell today. A NR delay at this point should indicate something bigger happening because you can't delay a NR for something minor.
The timely disclosure rules probably wouldn't prevent them putting out a NR that gave an update on the 120 day thing like Chappy said, but it would allow them to delay for something more significant. We already know they are delaying announcing the claims that Chappy found, and then today Teck should be making their decision. (I think they have made their decision but it doesn't mean we get to know what it is today.)
Here are the reasons that a NR can be delayed because the release of information:
- would prejudice an issuer's ability to pursue specific and limited objectives or to complete a transaction or series of transactions that are under way,
- would put the issuer at a significant competitive disadvantage, or
- concerning the status of ongoing negotiations would prejudice the successful completion of those negotiations.
The material fact and material change analysis often arises in regards to the existence of negotiations related to a sale or acquisition transaction. The existence of such negotiations is likely a material fact, but as outlined above, TSX rules permit issuers to keep such material information confidential in certain circumstances. In regards to provincial securities legislation, a review of relevant regulatory decisions suggests that the existence of negotiations related to a sale or acquisition transaction would likely not rise to the level of a material change until all proposed parties are firmly committed. We expect that this "firm commitment" would generally occur once all proposed parties have received the required board approvals and definitive agreements have been executed;
--http://www.mcmillan.ca/TSX-timely-disclosure-requirements-a-refresher-and-best-practices
