From the TSX policies
posted on
Sep 15, 2009 10:11AM
Fuel Efficient and Clean Emissions
Examples of developments likely to require prompt disclosure as referred to above include the following: a) Changes in share ownership that may affect control of the company. b) Changes in corporate structure, such as reorganizations, amalgamations, etc. c) Take-over bids or issuer bids. d) Major corporate acquisitions or dispositions. e) Changes in capital structure. f ) Borrowing of a significant amount of funds. g) Public or private sale of additional securities. h) Development of new products and developments affecting the company’s resources, technology, products or market. i) Significant discoveries by resource companies. j) Entering into or loss of significant contracts. k) Firm evidence of significant increases or decreases in near-term earnings prospects. l) Changes in capital investment plans or corporate objectives. m) Significant changes in management. n) Significant litigation. o) Major labour disputes or disputes with major contractors or suppliers. p) Events of default under financing or other agreements. q) Any other developments relating to the business and affairs of the company that would reasonably be expected to significantly affect the market price or value of any of the company’s securities or that would reasonably be expected to have a significant influence on a reasonable investor’s investment decisions.
Misleading Announcements
While the policy of the Exchange is that all material information
must be released immediately, judgment must be exercised
by company officials as to the timing and propriety of any news
releases concerning corporate developments, since misleading
disclosure activity designed to influence the price of a security
is considered by the Exchange to be improper. Misleading news
releases send signals to the investment community which are
not justified by an objective examination of the facts, and may
detract from the credibility of the company. Announcements
of an intention to proceed with a transaction or activity should
not be made unless the company has the ability to carry out
the intent (although proceeding may be subject to contingencies)
and a decision has been made to proceed with the transaction
or activity by the board of directors of the company, or by
senior management with the expectation of concurrence from
the board of directors. Disclosure of corporate developments
must be handled carefully and requires the exercise of judgment
by company officials as to the timing of an announcement of
material information, since either premature or late disclosure
may result in damage to the reputation of the securities markets.
From http://www.tmx.com/en/pdf/PolicyStatementOnTimelyDisclosure.pdf