RE:RE:RE:RE:HC Website UpdatedYes, MYM is required to report any changes in the status of its licence application. That status currently is "We are waiting for Health Canada to approve our application.". Since MYM has not reported that its Canadian licence application has been rejected, the correct inference/deduction to be made is that the licence has NOT been rejected.
Section 407: TSX Company Manual:
"Material information is any information relating to the business and affairs of a company that results in or would reasonably be expected to result in a significant change in the market price or value of any of the company's listed securities.
Material information consists of both material facts and material changes relating to the business and affairs of a listed company. In addition to material information, trading on the Exchange is sometimes affected by the existence of rumours and speculation. Where this is the case, Market Surveillance may require that an announcement be made by the company whether such rumours and speculation are factual or not."
Section 408: TSX Company Manual:
"A listed company is required to disclose material information concerning its business and affairs
forthwith upon the information becoming known to management, or in the case of information previously known, forthwith upon it becoming apparent that the information is material. Immediate release of information is necessary to ensure that it is promptly available to all investors and to reduce the risk of persons with access to the information acting upon undisclosed information."
No, we shouldn't be able to determine application status at any given time. Why? Because the licence application belongs to MYM not its shareholders. Under corporate law, shareholders are granted limited liability (ie: minimizing the legal and financial consequences of owning and operating a business). MYM is a separate and distinct legal entity from its shareholders. Under corporate law, shareholders are entitled to receive an annual report (including financial statements) and can only access certain corporate records (which does NOT include accounting records). That's the trade off for being protected from class action lawsuits (such as emissions manipulation by VW or faulty airbags by Takata).