The way I understand it, the "material change report" is a different type of a filing. But based on this and quick lookups, the key is that material disclosure has to happen "immediately", so the 48 or 72 hours is out the window. Of course, "immediately" has to be subject to judgment because you may not always have a press release ready to go if something unexpected happens, and you need time to craft it properly, perhaps run by your legal and any other parties that may be involved. Anyhow, even without this uplisting, Peter has gone on record when he thought that he would have signed some torch contracts and now we just wait to see how big those first ones will be.
MidtownGuy wrote: There's always been a kind of unwritten rule that it's a week or ten days, but the actual LAW is still written with judgement in mind, even though it indeed states 10 days.
Keep in mind, there's the TSX and TSXV policies, which don't give a day timeframe. But the TSX policies often reference the actual securities regulations, that are laws.
Here's the key passage from those regulations, with a link below. It states within 10 days, but it's up to the company to decide what constitutes the first day that the "material change" has occurred".
Part II - Timely Disclosure
2.1 Timely Disclosure
(1) Companies are required by law to immediately disclose a "material change" 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. 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) Announcements of material changes should be factual and balanced. Unfavourable news must be disclosed just as promptly and completely as favourable news. Companies that disclose positive news but withhold negative news could find their disclosure practices subject to scrutiny by securities regulators. A company's press release should contain enough detail to enable the media and investors to understand the substance and importance of the change it is disclosing. Avoid including unnecessary details, exaggerated reports or promotional commentary.
https://www.osc.gov.on.ca/en/SecuritiesLaw_pol_20020712_51-201.jsp
canyousayiii wrote: I believe material news needs to be put out within 48 or 72 hours, I forget which...and am too lazy to dig up the regs like I did years ago when I formed this impression. But bang on, there are a few topics that are cut and dried in terms of "must" timely disclose, the rest is up to judgment. And of course, no limitations of disclosing what many of us may deem not being material. Uncle Ron is right that you cannot withhold material news, but MidtownGuy is right to point out that the timing of signatures, that make a contract enforceable, can be managed.