They need to apply the Continuous Disclosure rules. Within those rules there is mention of the "reasonable
person test". No mention is made of "
beagles" of any description.
But seriously, there is still a disclosure needed if they think there will be an impact on the share price. There is guidance concerning incomplete information that can justify delaying an announcement. It may be that other market announcements, such as ForrBarr's, took them by surprise this morning and they then had to react -- 49 minutes after opening seems a pretty swift reaction.
The rules are here:
https://s3-ap-southeast-2.amazonaws....0505_clean.pdf