A warning to all shareholders everywhere, page-20

I am trying to get my head around the fact that what is occurring here in Australia is even remotely legal, we apparently have all these government departments allowing this to occur.......

“???” initially attempted to acquire 90% of shares in Flinders Mines to enable them to delist the company from the asx (this was written in an initial T/O proposal by ???) however ??? was unsuccessful with only 55%.

“???” select a CEO

“???” select a Chairman and Board Of Directors

CEO and BOD then request a delist from the ASX via an “ordinary resolution” requiring only 50.1% votes to be passed (??? owns 55% already) done deal, not 1 other shareholder has a chance!

“???” fund the buy back and delist

“???” the only beneficiarie from delist.

Now according to our laws in Australia to protect us citizens this is all legal.
What is going on and what is ASIC or the ASX doing about this.......

I am aware that an “ ordinary resolution” (50% approval) is required for delisting a company from the ASX, but when ONE company owns more then 50.1% of company then a “special resolution” (75% approval) should be requested by the ASIC to give other shareholders of “their” company just a chance to be heard.

If this debacle is to proceed in its current form then this will set a precedent for other wealthy companies to follow....... a warning to all.

L4L