The current attempts to delist Flinders Mine could set a precedent for all future company take overs on the ASX, if this delist is to proceed then the current laws of 90% ownership to delist will be no longer.
All any company will need to do if the future is aquire
* 50.1% of a company, select their own management and BOD.
* Instruct the management and BOD to do the absolute minimum.
* Over a period of time call for a delisting from the ASX via an “Ordinary Resolution “
* The majority shareholder then uses their 50.1% to have the company delisted.
Deal done........ no longer a need for ANY company listed on the ASX to require 90%!
I believe this should be a warning to any shareholders holding shares in any company on the ASX, this could so easily happen to a company you currently hold shares in.
L4L
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