FMS 0.43% $1.17 flinders mines limited

Ann: Flinders announces intention to de-list from ASX, page-126

  1. 10 Posts.
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    The image you uploaded of voting at the AGM is interesting. (drash79 - https://hotcopper.com.au/posts/36883614/single )


    The highest number of votes for a resolution was ~1.958b, Tio(NZ) coincidentally own ~1.936b shares. We don't know who owns the 22m share discrepency that also voted for the resolution but we could have a guess.


    So we can deduce that OCJ, the second largest shareholder, as well as nearly all the other minority/small shareholders didn't support the appointments and renumeration report put forward by the board.


    Seeing as Asic itself states;"Special resolutions are needed for certain changes as defined in the Corporations Act. Decisions like changing a company's name, winding up the company, or changing the company's type will require a special resolution."


    What option does ASIC have other than to intervene if FMS continues to try to have the delisting decision decided as an ordinary resolution?


    If they fail to act it would be a huge scandal that would undermine investor faith in ASIC's ability to adequately regulate markets.
 
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