When Information May Be Kept Confidential

In restricted circumstances, disclosure of material information

concerning the business and affairs of a listed company may be

delayed and kept confidential temporarily where immediate

release of the information would be unduly detrimental to the

interests of the company.

Examples of instances in which disclosure might be unduly

detrimental to the company’s interests are as follows:

a) Release of the information would prejudice the ability of

the company to pursue specific and limited objectives or to

complete a transaction or series of transactions that are

under way. For example, premature disclosure of the fact

that a company intends to purchase a significant asset

may increase the cost of making the acquisition.

b) Disclosure of the information would provide competitors

with confidential corporate information that would be

of significant benefit to them. Such information may be

kept confidential if the company is of the opinion that

the detriment to it resulting from disclosure would outweigh

the detriment to the market in not having access

to the information. A decision to release a new product, or

details on the features of a new product, may be withheld

for competitive reasons. Such information should not be

withheld if it is available to competitors from other sources.

c) Disclosure of information concerning the status of ongoing

negotiations would prejudice the successful completion

of those negotiations. It is unnecessary to make a series of

announcements concerning the status of negotiations

with another party concerning a particular transaction. If it

seems that the situation is going to stabilize within a short

period, public disclosure may be delayed until a definitive

Policy Statement on Timely Disclosure

announcement can be made. Disclosure should be made

once “concrete information” is available, such as a final

decision to proceed with the transaction or, at a later point

in time, finalization of the terms of the transaction

http://www.tmx.com/en/pdf/PolicyStatementOnTimelyDisclosure.pdf.