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The defendant, Report Card, does not oppose the orders sought in the Supreme Court

Flinders takes HotCopper to court for shareholder info

Flinders Mines is launching legal action in the Supreme Court of Western Australia against the owner of stock forum HotCopper Holdings, seeking details of users alleged to have made defamatory statements in relation to the board and company.

Yesterday, a document lodged with the Supreme Court said Flinders and five of its board members, including the now-resigned Shannon Coates and David McAdam, were seeking an order that the defendant, Report Card Pty Ltd, provide details of 23 usernames that posted on HotCopper.

The defendant, Report Card, does not oppose the orders sought.

One reason for the legal action is that the posts were arguably defamatory, according to the document.

“It is arguable that the posts were made with malice, using the occasion for some indirect purpose or indirect motive such as to cause injury to another person,” it said.

“The sixth plaintiff (Flinders Mines) has suffered actual damage as a result of the posts.”

The legal action comes less than two weeks after Flinders announced it would improve its strained relationship with its minority shareholders.

“As part of the path forward, the board intends to build on its shareholder engagement and will ensure shareholders remain fully informed as the strategic plan is executed,” Flinders said on June 17.

Business News understands at least one shareholder has received a 'cease and desist' letter from lawyers representing Flinders, in relation to the creation of online forums it alleges were used to facilitate a campaign of harassment against the company and board.

Flinders is majority owned by Todd Corporation, which also owns BBI Group.

BBI Group is seeking to develop a $6 billion infrastructure project in the Pilbara which can link Flinders’ isolated Pilbara iron ore project to a port at Balla Balla.

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Share Price

Closing price for the last 90 trading days
Source: Morningstar

Top 10 Shareholders

Substantial shareholders as published in the annual report.
Source: Morningstar

Total Shareholder Return as at 31/10/19

1 year TSR5 year TSR
257thPeak Resources21%-14%
444thFlinders Mines-9%31%
512thCardinal Resources-18%52%
581stGreat Western Exploration-31%-34%
730 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
Source: Morningstar

Revenue

343rd↑Cardinal Resources$1k
344th↑Flinders Mines$1,000
346th↓Great Western Exploration$718
347th↓Peak Resources$550
485 listed resources companies ranked by revenue.
Source: Morningstar

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