Hi all,
I'm an original holder since the Flinders Diamond days and I have been following FMS on Hotcopper for a long time. The latest actions from FMS/Toad have prompted me to jump on as a contributor. I've also started emailing ASX ([email protected]). Some of you may wish to use some or all of my email below in blue to lodge your own quires or complaints to the ASX, ASIC or other body. As other people have posted, we all need to make noise about the current actions and protect our shares. Please note the below is my own view and not to be taken as advice.
Hi Ben,
If you aren't the correct personto be lodging my concerns with, please forward this email to the relevantperson at ASX and cc me in the forwarded email.
I'm a shareholder in FMS and I am greatly concerned with the ASX's apparent approvalto allow FMS to vote on delisting as an ordinary resolution, which could seethe vote of a single shareholder (TIO NZ Limited) with around 55% of the sharesforce all shareholders into a delisted company which I believe will be to thedetriment of minority shareholders.
Surely delisting should require aspecial resolution with 75% or 90% of shareholders'votes being for the delisting. As you can see from the attached resultsfrom FMS's recent AGM, minority shareholders aren't pleased with recentpropositions of FMS with more than 33.7% of votes going against the adoption ofthe remuneration report and the re-election of Director Ms Shannon Coates andDirector Mr Neil Warburton. Furthermore, FMS did not make the resultsknown for the vote on the special provision for the adoption of a newconstitution. Presumably, this was because of the amount of votes againstit. I believe that allowing a vote on delisting of FMS as an ordinaryresolution would create an unconscionable situation for minorityshareholders.
Please advise in writing byreturn email by 21 December 2018 why the ASX considers that delisting FMSshould be permitted by ordinary resolution, particularly when there is onemajor shareholder with around 55% of shareholdings and where at the recent AGM(within the last month) all resolutions received more than 33.7% of votesagainst. This would establish a precedent that delisting any ASX listed companyonly requires 50.1% of votes and can be carried out by a single shareholder ifthey hold 50.1% of votes.
DelistingFMS would remove ASX protections in place for minority shareholders and grosslyrestrict liquidity of the shares at a fair price.
