Ann: Conclusion of Panel Proceedings, page-29

The Company is in no position to borrow funds this way and if that is only way for a de listing to proceed then obviously Directors cannot entertain the idea.
The Directors should be well aware of this and have previously ensured that any debt has been raised on a short term basis with a confirmed capital repayment (from pre committed acceptance of rights issue take up!)
They have also been careful previously to ensure there was no hint of TioNZ increasing their ownership through a debt facility except by the fact of other holders declining to take up their entitlements.

Quite simply the Company cannot afford it and if they proceed will leave FMS very exposed.

Once a way forward to production is known funding avenues will change and of course when that is known, a de listing proposal makes even less sense ​