Having hammered corporate regulators and the media, it seems the aggrieved minority shareholders of Flinders Mines are now taking their fight to stop the delisting of their company into the political realm.
The Bull understands members of the group have been in regular discussions with One Nation senator Peter Georgiou and his State-based colleague Robin Scott.
It seems the pair are keen to take up the cudgels for the group in their respective houses.
Meanwhile, the enraged shareholders are still waiting on the Takeovers Panel to rule on two applications put to it last month.
Shareholder spokeswoman Margo Gould said the group was growing increasingly confident given how long it was taking the panel to come back to them.
It’s been nearly a month since the panel announced it was weighing whether to conduct proceedings into the applications.
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 fall in its share price and raised the ire of minority shareholders who view the proposal as a ploy by majority shareholder Todd Corporation to squeeze them out without having to pay the type of premium typically associated with a takeover.
L4L
FMS Price at posting:
3.2¢ Sentiment: Buy Disclosure: Held
