Once the problems with JV investor become apparent, AMGLs advisers prepare a draft notice to be sent to the ASX in compliance with AMGLs continuous disclosure obligations under ASX Listing Rule 3.1. The notice states that disappointing results at the JV Investor project are not expected to impact on AMGLs financial performance for the relevant year. In fact, this is not correct, and this would have been apparent from a careful reading of the monthly management accounts and projections. The directors of AMGL say that they never saw the draft notice and, if they had seen it, they would not have approved it. However the board minutes suggest that the directors saw and approved the notice. It is sent to the ASX immediately after the board meeting. The directors do nothing to correct the notice once it is released. Have the directors (or any of them) breached their duty of care?

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