All just IMHO.
what I mean is, (and apologies if I was not clear) is that the submissions need to reference the specific requirements under those Guidelines.
Argue to ASX exactly which specific aspects of the Guidelines have not been met.
eg:
this is an example of what the ASX looks for when it decides to approve a delisting.
Guideline: “... the interests of security holders are not
unduly prejudiced by the removal and that trading in the entity’s securities takes place in an orderly manner up to the date of its removal...”
Guideline: “... ASX’s power
not to act on an entity’s request for removal from the official list exists to ensure that the removal is being sought
for acceptable reasons.
Guideline:
Some
unacceptable reasons why an entity might ask to be removed from the official list include if it is doing so solely or primarily:
- to avoid the application of Chapter 10 of the Listing Rules (transactions with persons in a position of influence) to a particular transaction that would otherwise require the approval of security holders; or
- to deny minority shareholders a market for their securities in order to coerce them into accepting an offer from a controlling shareholder to buy out their securities.
Guideline:
The application should set out in detail:
- the entity’s reasons for seeking to be removed from the official list;
- whether the entity is intending to seek the approval of security holders to the removal;
(
ASX Guideline says: this “.... condition .... ensures that the interests of security holders, as a group, are addressed and that all security holders have an opportunity to express a view on whether or not the entity should be removed from the official list..”
and
- what, if any, arrangements will be in place to enable security holders to sell or otherwise realise their securities in the lead up to, and/or after, its removal from the official list.
***************
So - all those issues we have discussed here, need to be referenced back to those points above, and argued that FMS did not follow the Guideline rules, and did not satisfy the ASX criteria for Removal of FMS from the ASX.
eg - where FMS writes "De-Listing The reasons why the Board is proposing the De-Listing are outlined below."...were they correct? eg claim of poor liquidity of trades in FMS shares??? and the rest of their claims there ? etc etc
eg, if we cannot trade our shares on ASX, how is that in our best interests?
how do we liquidate our shares?
if delisted, how do we get info?
how do we establish a value?
Chapter 10 relates to sale of assets, deals etc which would ordinarily need approval of minority shareholders. By delisting, FMS would not have to comply with ASX rules, but only need to comply with Corps Act.
Coercion: are we being coerced into dumping our shares? eg selling into Unmarketable Parcel facility or into Buyback, by the threat of Delisting????? Who will not participate in Buyback, but instead increase their holding??
what is the point of getting security holder approval, when the biggest s/h can carry the vote?? are minorities denied a voice in the outcome? Are Minority disenfranchised?
etc
etc
etc
