The ASX really needs to look at their current regulations, no company with a majority holding should every conduct a vote via an "ordinary resolution" as any vote under that system gives the majority shareholder complete power and control. The minority shareholder doesn't have a say at all.
If a majority shareholder holds close to 50% of any company then a "special resolution"
(75% to pass a vote) should occur for any vote related to the company, be it board selection, delisting of company, etc.
If a majority shareholder holds close to 75% of any company then any voting that is required should require 90% (to pass a vote).
Minority shareholders should ALWAYS be protected and no one company should EVERY have complete control until the majority shareholder holds above 90%, then a compulsory acquisition can/could occur.
I believe the current system is broken and rules need to be changed and now, otherwise we will see in the future a LOT more of what is occurring here with Flinders Mines.
