FMS (ASX) Class Action Against ASX

Originally posted by Geepeem ↑

After preliminary discussions with ASX, the following three conditions were approved for de-listinG:

The ASX has given in-principle approval of the De-Listing, subject to the following conditions:
1. the Company’s removal from the official list of ASX is approved by ordinary resolution of ordinary security holders of the Company;
2. the notice of meeting seeking security holder approval for the Company’s removal from the official list of the ASX must disclose the reasons for the Company seeking removal to the satisfaction of ASX and include a statement to the effect that the removal will take place no earlier than one month after approval is granted; and
3. the Company releases the full terms of the in-principle approval decision by the ASX to the market

Has anyone the knowledge of commercial law/or investigated whether ASX has been negligent in its duties/responsibilities by approving such a major change with an ordinary resolution when one shareholder has 55.6% of the voting power (my understanding is an ordinary resolution only requires 50.1% to succeed). This to me seem prejudicial to the best interests of the minority shareholders. In other words we have no say in the matter as with the voting power of majority shareholder its a feit acompli.

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Yes Court Injunction is clearly the way to go IMO.

Bit like a stay of execution pending further testament!

If a Russian lady can do it (from Russia) so can FMS holders.

But CA against FMS or ASX or both?

Class Action Against ASX, page-5