https://thewest.com.au/business/mining/furious-flinders-mines-min...

https://thewest.com.au/business/min...win-stay-on-delisting-vote-ng-b881076689z.amp

Furious Flinders Mines minority shareholders win stay on delisting vote
Stuart McKinnonThe West Australian
Thursday, 17 January 2019 10:22AM
Stuart McKinnon

11 Jan 2019 - The Australian Government takeover panel has received an application from Brendon Dunstan in relation to the affairs of Flinders Mines (ASX:FMS).
Livid minority shareholders in Flinders Mines have succeeded in getting a meeting to vote on the proposed delisting of the company postponed to February 6.

The extraordinary meeting of shareholders had been scheduled to vote on the controversial proposal on the morning of Tuesday next week, but recent appeals to the Takeovers Panel have prompted Flinders to reschedule the vote to Wednesday, February 6.

The company has also delayed its unmarketable parcel sales facility process until it gets clarity from the Takeover Panel.

Last week the panel received two applications opposing the delisting of the company from its second-biggest shareholder, Chinese-backed entity OCJ, and another individual shareholder, Dubbo-based criminal lawyer Brendon Dunstan.


Flinders announced plans to delist last month citing low levels of liquidity in its trading, difficulty in accessing essential funding and the costs of remaining a listed entity.

The news prompted a 50 per cent slump in its share price and raised the ire of minority shareholders who view the proposal as a ploy by majority shareholder Todd Corporation to tighten its grip on the company by squeezing them out without having to pay the type of premium typically associated with a takeover.

They have since launched a nationwide campaign, firing off missives to the Australian Securities Exchange, the Australian Securities and Investments Commission, the media and politicians opposing the planned delisting.

Todd holds about 55 per cent of the company after two failed takeover attempts in 2015 and 2016.

Its majority holding in Flinders all but guarantees the delisting will go ahead if the proposal is put to a vote of shareholders.

The minority shareholders have vowed to explore every legal option to stop the delisting going ahead.

Flinders shares were up 0.1¢, or 3.3 per cent, at 3.1¢ at 10.05am.