another total meaningless reply basically saying ASIC are going...

another total meaningless reply basically saying ASIC are going to do nothing.

Flinders Mines Limited(ACN 091 118 044)

 

Thank you for your recent correspondence which raises concerns inrelation to Flinders Mines Limited (FML).

 

We have now created a specific email address –[email protected]– for correspondence in relation to theseconcerns.  We ask that you direct any future correspondence in relation tothis matter to this address as it is the most efficient manner for us toreceive and consider the concerns raised.

 

Ourrole

 

ASICconducts an assessment of every report of misconduct we receive and furtherinformation about this is contained in Information Sheet 153 How ASIC dealswith reports of misconduct.

 

The issues you have raised will receive carefulconsideration, and we have recorded them on our internal intelligence database.In selecting matters for regulatory action, weconsider a range of factors, including whether themisconduct report suggests any breaches of the law we administer, whether wehave sufficient grounds to suspect that a breach has occurred, and whetherregulatory intervention would benefit the broader community beyond the affectedindividuals. ASIChas released Information Sheet 151 ASIC’sapproach to enforcement which sets out information about how we selectmatters for formal investigation and our law enforcement role. If you requireany information on our role as a regulator supervisor, or enforcement actiontaken by us, please visit our website.

 

Please refer toInformation Sheet 152 Publiccomment which sets out the limited circumstances when we will commentpublicly on our activities. These limitations are intended to protect theconfidentiality of information reported to ASIC and the integrity of ASIC’sinvestigation and enforcement activities. For matters involving our market supervision, we areaware that any public comment may affect trading in the market, and we arecommitted to a fair, orderly, and transparent market.

 

Where your concerns relate to amarkets matter (for example, market manipulation), we are unable to provide further details about what,if any, action we may or may not take in relation to the concerns you haveraised. We hope you can appreciate the reasons why we do not make such comment.Otherwise, we will write to you once our assessment of your concerns has beencompleted.

 

We do not require further information from you at thisstage but will contact you again should we require anything.

 

Voluntary delisting

 

As you may be aware, on 13 December 2018 FML announced theirintention to delist from the Australian Securities Exchange (ASX). UnderASX Listing Rule 17.11, the ASX may at any time remove an entity from theofficial list at the request of the entity. The ASX is not required to act onthe request or may require conditions be satisfied before it will act on therequest. This is to ensure that the interests of security holders are notunduly prejudiced by the removal and that trading in the entity’s securitiestakes place in an orderly manner up to the date of its removal. Please see thelink to ASXGuidance Note 33 for further information.

 

The ASX has provided in-principle advice that it will grantapproval, subject to certain conditions. Further information may be found inFML’s ASXannouncement and their subsequentclarification on 14 December 2018.

 

For further information in relation to voluntary delisting, youmay also wish to contact the ASX:

 

           Australian Securities Exchange

           20 Bridge Street, Sydney NSW 2000

           Ph: +61 2 8973 3625

           Website: www.asx.com.au/contact/

 

TheCorporations Act 2001 includes a range of shareholders’ rights. You may want toconsider obtaining legal advice to help clarify the legal issues involved andthe options available to you to enforce your rights as shareholders. This mightinclude instituting private court action or accessing some of the remediesavailable to members under the Corporations Act 2001.

 

Yours Sincerely,

Australian Securities andInvestments Commission

 

 

Please consider the environment before printing thisdocument.