Takeover panel receive application regarding Flinders Mines

Company News

by Rachael Jones

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.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.