RE: A-C-T-I-O-N (NATIONAL POLICY 51-201)I DON'T BELIEVE THEY CAN HOLD BACK THE RESULTS ACCORDING TO S.E.C.
ONE POSSIBILITY MIGHT BE IF THEY INTENDED ON BUYING UP SURROUNDING PROPERTY! Should results be released it might raise surrounding prices to the detriment of this company and the SEC would give them an extension possibly but review progress every 10 days!
https://www.bcsc.bc.ca/uploadedFiles/NP51-201.pdf
NATIONAL POLICY 51-201 DISCLOSURE STANDARDS
PART II - TIMELY DISCLOSURE
2.1 Timely Disclosure: (1) Companies are required by law to immediately disclose a “material change”1 in their business. For changes that a company initiates, the change occurs once the decision has been made to implement it. This may happen even before a
company’s directors approve it, if the company thinks it is probable they will do so. A company discloses a material change by issuing and filing a press release describing the change.
1 Securities legislation defines the term material change as “a change in the business, operations or capital of the issuer that would reasonably be expected to have a significant effect on the market price or value of any of the securities of the issuer and includes a decision to implement such a change made by the board of directors of the issuer by senior management of the issuer who believe that confirmation of the decision by the board of directors is probable”. The Québec Securities Act does not define the
term “material change” and provides that “where a material change occurs that is likely to have a significant influence on the value or the market price of the securities of a reporting issuer and is not generally known, the reporting issuer shall immediately prepare and distribute a press release disclosing the substance of the change”. See also Pezim v. British Columbia (Superintendent of Brokers), [1994] 2 S.C.R. 557, where the Supreme Court held that a change in assay and drilling results was a material change in the company’s assets.
A company must also file a material change report as soon as practicable, and no later than 10 days after the change occurs. This policy statement does not alter in any way the timely disclosure obligations of companies.
2.2 Confidentiality: (1) Securities legislation permits a company to delay disclosure of a material change and to keep it confidential temporarily where immediate release of the information would be unduly detrimental to the company’s interests.2 For example,
immediate disclosure might interfere with a company’s pursuit of a specific objective or strategy, with ongoing negotiations, or with its ability to complete a transaction. If the harm to a company’s business from disclosing outweighs the general benefit to the
market of immediate disclosure, withholding disclosure is justified. In such cases a company may withhold public disclosure, but it must make a confidential filing with the securities commission.3 Certain jurisdictions also require companies to renew the confidential filing every 10 days should they want to continue to keep the information confidential.
(2) We discourage companies from delaying disclosure for a lengthy period of time as it becomes less likely that confidentiality can be maintained beyond the short term.