The ASX really needs to look at their current regulations, no company with a majority holding should every conduct a vote via an "ordinary resolution" as any vote under that system gives the majority shareholder complete power and control. The minority shareholder doesn't have a say at all.
If a majority shareholder holds close to 50% of any company then a "special resolution"
(75% to pass a vote) should occur for any vote related to the company, be it board selection, delisting of company, etc.
If a majority shareholder holds close to 75% of any company then any voting that is required should require 90% (to pass a vote).
Minority shareholders should ALWAYS be protected and no one company should EVERY have complete control until the majority shareholder holds above 90%, then a compulsory acquisition can/could occur.
I believe the current system is broken and rules need to be changed and now, otherwise we will see in the future a LOT more of what is occurring here with Flinders Mines.
L4L
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A warning to all shareholders everywhere, page-26
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78.0¢ |
Change
0.040(5.41%) |
Mkt cap ! $155.8M |
Open | High | Low | Value | Volume |
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Buyers (Bids)
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---|---|---|
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Price($) | Vol. | No. |
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79.0¢ | 551 | 1 |
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1 | 2075 | 0.730 |
1 | 200 | 0.700 |
1 | 10000 | 0.650 |
2 | 65000 | 0.530 |
Price($) | Vol. | No. |
---|---|---|
0.790 | 551 | 1 |
0.800 | 4936 | 2 |
0.820 | 540 | 1 |
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