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Flinders directors hang on after fiery meeting
Stuart McKinnonThe West Australian
Thursday, 9 May 2019 6:42AM

Flinders Mines shareholders register to attend yesterday’s extraordinary meeting at the Hyatt Regency Perth.Picture: Simon Santi

New Zealand’s Todd Corporation has used its majority stake in Flinders Mines to block a move by minority shareholders to oust three directors and appoint their own nominee to the company’s board.
Shareholders of the aspiring Pilbara iron ore miner gathered at an extraordinary meeting in Perth to vote on the composition of the board yesterday afternoon amid tight security and a strict adherence to procedure by independently appointed meeting chairman, lawyer Stephen Penrose.
The 249D notice, requisitioned by minority shareholders, sought the removal of chairman Neil Warburton, Michael Woolley and Evan Davies as directors and the appointment of Dubbo-based criminal lawyer Brendon Dunstan. But each motion was lost.


Mr Dunstan told the meeting there was a clear disconnect between minority shareholders and the board.
“Minority shareholders, like myself, want to be part of the Flinders Mines story, they want to be fully informed, they want to have a truly independent director appointed to the board who will have no relationship with the major shareholder of Flinders,” he said.
Mr Dunstan said minority shareholders did not want to be “at war with their board” but be part of the company becoming a miner or alternatively receive fair value for their investments.
Flinders executive director David McAdam said the board had been as open as it could be with shareholders and insisted that information was not being withheld.
Another minority shareholder, Jason Tither, said the board and Todd had missed an opportunity to extend an olive branch to frustrated shareholders.
Yesterday’s vote follows a bitter three-month battle between minority shareholders and the company over its plans to delist from the ASX.
Flinders withdrew its Todd-backed delisting plans after the Australian Securities and Investments Commission intervened in the stoush.