Extract only The Aust just now PAUL GARVEY RESOURCES REPORTER...

Extract only
The Aust just now
PAUL GARVEY
RESOURCES REPORTER
@PDGarvey
Investors win in row over Flinders Mines delisting

The thousands of mum-and-dad shareholders in iron ore play Flinders Mines have scored a big early win against the company’s delisting plans.

The Takeovers Panel today made a declaration of unacceptable circumstances in relation to the delisting, which is supported by Flinders’ major shareholder, New Zealand’s Todd Corporation.

In a strongly-worded statement, the panel said the delisting proposed by Flinders was likely to “coerce” minority shareholders into selling their shares and would not give minority shareholders enough time or information to assess the merits of the proposal.

On top of that, the panel said the plan “may deny shareholders who seek their shares a reasonable and equal opportunity to participate in benefits accruing to those who buy or retain Flinders Mines shares”.
Flinders (FMS) announced the plan late last year, triggering a sharp drop in the company’s share price and sparking an outcry from its thousands of small shareholders.