The Australian Government takeover panel has received an application from Brendon Dunstan in relation to the affairs of Flinders Mines (ASX:FMS).
Flinders proposes to delist from ASX, subject to shareholder approval to be considered at a special meeting scheduled for Tuesday, 22 January 2019.
In connection with the delisting, Flinders proposes to undertake an on-market buyback and an unmarketable parcels sale process.
The buy-back is to be funded by a loan facility from a subsidiary of Flinders’ largest shareholder, TIO (NZ).
TIO NZ owns approximately 55.6 per cent of Flinders.
Shares in Flinders Mines (ASX:FMS) closed 12 per cent higher at $0.03 yesterday.