Dear Santa
I was almost 7 years old when I last wrote to you asking for a train set that you kindly delivered at Christmas. That was 63 years ago and I was so grateful that I never felt I should trouble you again until now as I know you are busy preparing gifts and happiness for everyone around the world this Christmas.
Let me tell you why I have written to you. I, maybe foolishly, invested in a company called Flinders Diamonds about 20 years ago. The company didn’t find diamonds but literally stumbled upon millions of tons of iron ore and changed their name to Flinders Mines. That was about 14 years ago. Many mums and dads bought shares in the company both before and after their iron ore discovery which became known as the Pilbara Iron Ore Project (PIOP). Flinders also found vanadium and other resources at Canegrass.
I don’t want to bore you with too much detail as I know you are flat out in your preparations for this Christmas. Needless to say another company took interest in our assets and after acquiring a stake attempted to buy us out. Many shareholders resisted the take over but there was a change of control in the Flinders and new directors installed. Since that time minority shareholders have seen a marked decline in their share value and a marked decline in information in announcements, particularly positive information about the company’s prospects. Flinders also tried to delist us from the ASX but were opposed by minority shareholders and found to have acted coercively by the TOV. Recently Flinders disposed of Canegrass via a sale disguised as a Farmin arrangement much to the dismay of many minority shareholders. At the recent AGM the meagre AGM Presentation of a few slides was sadly lacking in substance and looked like it was done by a school child when it could have, and should have, told minority shareholders much more. It appears that Flinders now only reveal the absolute minimum of information and the entire board appears comfortable with this. Even a member that represents a shareholder of about 20% of Flinders! Sadly, “do as you would be done by” doesn’t appear to apply to the Flinders board.
So, let me get to the point. Many mum and dad shareholders have held onto their shares in Flinders believing the almost 1.5billion tons of iron ore at PIOP to potentially have substantial value. Many of those shareholders are now, like me, getting old and are concerned that Flinders may not protect or promote minority shareholders’ best interest in seeing a return on our investments despite many contributing to numerous company cash raisings over many years. Our Flinders seems to be sadly lacking in dynamic leadership that can actually get the PIOP to production and making optimal returns to the company and their shareholders whilst openly informing all shareholders and showing a ray of hope for the future. I wonder if you could, while delivering your Christmas gifts and cheer, find time to just sprinkle a little fairy dust over the members of the Flinders board and management that enables them to find inspiration, leadership, and especially openness and the commitment to protect minority shareholders from now on. Those that have forgotten how to treat others in the same way that they would like to be treated on the Flinders board need your fairy dust and please. If you can do this, Not only will the management and board feel better about themselves but so will the numerous mum and dad investors in Flinders. Together we would all enjoy, what should be, an exciting journey into the future. Some shareholders may even see a positive return on their investment before they die of old age or other.
I am sorry to bother you with this Santa. I have been reasonably good over the last 63 years and I know many of the other Flinders minority shareholders are just great people. I’ve tried many times to give feedback about shareholder expectations to the board but there are no signs of improvement. Please help make 2023 a great year for us all. Just a little fairy dust on the board and management please, please, please xxx.
Happy Christmas
PS
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