On 17 January 2019, Flinders Mines Limited (ASX: FMS), a company from the metals and the mining industries which is into the business of exploring iron, gold and base metals announced the postponement of extraordinary general meeting and unmarketable parcels sales facility process. The reason for postponing the extraordinary general meeting and unmarketable parcels sales facility process as a result of Flinders' proposed de-listing and associated proposed buy-back and rights issue and the unmarketable parcels sale facility.
Now, the extraordinary general meeting will be on 22 January 2019 where the discussion will be regarding the de-listing.
29 January 2019 which was the date of receipt of share retention forms under the unmarketable parcels sale facility as per the letter to the holders of the unmarketable parcels also got postponed to 6 February 2019 and will further result in rescheduling the sale of those unmarketable parcels. The date on which the Takeovers Panel decides not to conduct proceedings or in case if the proceedings get finally concluded including all the available request will also be 6 February 2019.
The time and date for the receipt of proxy forms for the EGM will 48 hours before the new time and date of the announcement of the extraordinary general meeting. The company will confirm the new date and time of the extraordinary general meeting in the subsequent publication.
The official listing date of FMS on ASX is 20 February 2002, where the performance of FMS is consistently negative since its inception. In 10 years, the performance of FMS was -48.14%. In last one year, the performance was -68.56%.
As per the annual report of Flinders Mines Limited for FY2018 ended 30 June 2018, the company incurred a net loss of $1.810 million. The balance sheet of FMS shows that the company holds a net asset of $56.882 million which indicates that it can manage its long-term obligations. Its debt-equity ratio is 0.09 which means that the company used its resources and assets during the period. However, FMS has a total current liability of $5.436 million which is much above its total current asset of $3.853 million which means that the company is not in a position to meet its working capital requirement and it cannot manage its short-term debt. FY2018 for FMS reports an increase in the accumulated losses which is an indication of weak operating performance and can also have a negative influence on the shareholders and the investors of the company. The total shareholder's equity is worth $56.882 million.
FY2018 also reports a fall in the net cash and cash equivalent as a result of increased payments for the exploration activities.
The net cash and cash equivalent by the end of the accounted period were $3.301 million.
By the end of the trading day 17 January 2019, the shares of FMS traded almost flat. The closing price of the share was A$0.031 which is just 0.001 points above its previous trading day’s closing price with the stock holding a market capitalization of A$104.56 million.
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