Continuous Disclosure and Wiki Publication

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---
schema: foundry-doc-v1
title: "Continuous Disclosure and Wiki Publication"
slug: about-continuous-disclosure
short_description: "NI 51-102 reporting requirements applicable to Woodfine Capital Projects Inc., including annual information form, MD&A, material change reports, and OSC SN 51-721 electronic filing."
category: reports
type: reference
content_type: topic
quality: complete
status: active
audience: public
bcsc_class: public-disclosure-safe
language_protocol: PROSE-TOPIC
last_edited: 2026-05-25
editor: pointsav-engineering
paired_with: about-continuous-disclosure.es.md
cites: []
---

National Instrument 51-102 (Continuous Disclosure Obligations) establishes the periodic and event-driven reporting requirements for reporting issuers in Canada. Woodfine Capital Projects Inc. intends to become subject to the full continuous-disclosure regime under this instrument upon effectiveness of its planned prospectus offering, including annual filings, quarterly reporting, and material change obligations. Each direct-hold limited partnership that has completed a prospectus offering is itself a separate reporting issuer, with independent NI 51-102 obligations filed on SEDAR+. The regime therefore applies to multiple entities within the Woodfine group — each filing separately — and governs disclosures pertaining to [[topic-direct-hold-framework|Direct-Hold]] assets and the [[topic-fiduciary-data-mandate|fiduciary data]] held under WMC custody.

## Key takeaways

- Woodfine Capital Projects Inc. intends to become subject to the full NI 51-102 continuous-disclosure regime upon effectiveness of its planned prospectus offering, including the annual information form, MD&A, audited financial statements, and quarterly interim reporting.
- Each direct-hold limited partnership that completed a prospectus offering is a separate reporting issuer with its own NI 51-102 obligations — it files independently on SEDAR+ and is not consolidated into the parent's disclosure package.
- Material changes require immediate disclosure — a press release as soon as practicable and a Form 51-102F3 filing on SEDAR+ within 10 days — independent of any scheduled filing date.
- Articles published on the corporate wiki are treated as disclosure-eligible, so editors apply the same material-change test to wiki publications as to formal SEDAR+ filings.

## Annual obligations

The annual information form (AIF) must be filed within 90 days of the issuer's fiscal year-end. Management discussion and analysis (MD&A) is filed concurrently with the annual audited financial statements. Financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) as adopted in Canada.

The MD&A provides management's interpretation of the audited financial results and discloses material trends, risks, and uncertainties affecting the business. It is not a forward-looking marketing document; it is a required disclosure that accompanies the audited numbers.

## Quarterly reporting

Interim financial statements and a corresponding MD&A are filed for each of the first three fiscal quarters. Quarterly filings are due within 45 days of the quarter-end for a non-venture issuer.

## Material change reports

A material change — defined as a change in the business, operations, or capital structure of the issuer that would reasonably be expected to have a significant effect on the market price or value of the issuer's securities — requires immediate disclosure. The issuer must:

1. Issue a press release describing the change as soon as practicable.
2. File Form 51-102F3 (Material Change Report) on SEDAR+ within 10 days of the change.

The obligation is continuous. It does not depend on the proximity of a scheduled filing date or investor communication.

## Electronic filing under OSC SN 51-721

OSC Staff Notice 51-721 governs the electronic delivery of disclosure documents to security holders and the electronic filing of documents with the OSC. All required filings are submitted through SEDAR+. Documents delivered electronically must meet accessibility and format requirements set out under the Staff Notice.

## Interaction with wiki content

The articles published at corporate.woodfinegroup.com are publicly available and treated as disclosure-eligible under NI 51-102. A material fact published on the wiki — a new asset acquisition, a change in capital structure, an update to the governance framework — without a corresponding SEDAR+ filing creates disclosure inconsistency. Content editors apply the same material-change test to wiki publications as to formal filings before any article is made public. The broader posture is documented in [[about-regulatory-posture|Regulatory Posture]].

## See also

- [[about-regulatory-posture|Regulatory Posture]] — the broader OSC disclosure framework applicable to the Woodfine group
- [[topic-investor-access|Investor Access]] — how investors receive financial reports for their positions

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*Copyright © 2026 Woodfine Capital Projects Inc. Licensed under [Creative Commons Attribution-NoDerivatives 4.0 International](https://creativecommons.org/licenses/by-nd/4.0/).*