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Article 42 Applicable Standards

42.1 Immediate disclosure should be made of any information regarding an issuer's affairs, or about events or conditions in the market that will affect the issuer's securities, which meets either of the following standards:

Where the information is likely to have a significant effect on the price of any of the issuer's securities.

Where such information (after any necessary interpretation by securities analysts or other experts) is likely to be considered important, by a reasonable investor, in determining his choice of action.
42.2 Any material information of a factual nature that bears on the value of an issuer's securities, or on decisions as to whether or not to invest or trade in such securities, should be disclosed. Included is information known to the company concerning the issuer's property, business, financial condition and prospects; mergers and acquisitions; and dealings with employees, suppliers, customers and others; as well as information concerning significant changes in ownership of the issuer's securities owned by insiders, or representing control of the issuer.
42.3 The Agency does not normally consider the disclosure of an issuer's internal estimates or projections of its earnings or any other data relating to its affairs, to be necessary. If such estimates or projections are released, they should be carefully prepared, on a proper factual basis, and should be stated with the appropriate qualifications. Moreover, if such estimates or projections subsequently appear to have been mistaken, they should be promptly and publicly corrected.
42.4 The price of an issuer's securities, as well as an investor's decision whether to buy or sell those securities, may be affected as much by factors directly concerning the market for the securities, as by factors concerning the issuer's business. Factors directly concerning the market for an issuer's securities may include such matters as the acquisition or disposal by a company of a significant amount of its own securities, an event affecting the present or potential dilution of the rights or interests of an issuer's securities, or events materially affecting the size of the "public issue" of its securities. While as noted above, an issuer is expected to make the appropriate disclosure about significant changes in insider ownership of its securities, the issuer should not indiscriminately disclose to the public any knowledge it has of the trading activities of outsiders, such as trading by unit trusts or other institutions, for such outsiders normally have a legitimate interest in preserving the confidentiality of their securities transactions.
42.5 The following events, while not comprising a complete list of all the situations that may require disclosure, are particularly likely to require prompt announcements:
42.5.1 Changes in share ownership that may affect the control of the issuer.
42.5.2 Changes in corporate structure, such as reorganizations, amalgamations, etc.
42.5.3 Take-over bids or issuer bids.
42.5.4 Major corporate acquisitions or dispositions.
42.5.5 Changes in capital structure.
42.5.6 Borrowing of a significant amount of funds.
42.5.7 Public or private sale of additional securities, or a call of securities for redemption.
42.5.8 Development of new products and other changes that would affect the issuer's resources, technology, products or markets.
42.5.9 Significant discoveries by resource companies.
42.5.10 Entering into, or the gain or loss of significant contracts.
42.5.11 Firm evidence of significant increases or decreases in near-term earnings prospects.
42.5.12 Declaration or omission of dividends or determination of earnings.
42.5.13 Changes in capital investment plans or corporate objectives.
42.5.14 Significant changes in management.
42.5.15 Significant litigation.
42.5.16 Major labour disputes, or disputes with major contractors or suppliers.
42.5.17 Events of default under financing or other agreements.
42.5.18 Treasury share programmes.
42.5.19 Any other developments relating to the business that would significantly affect the market price or value of any of the issuer's securities, or that would reasonably be expected to have a major influence on any investor's decisions.
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