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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

Source: Morningstar

Total Shareholder Return as at 28/06/19

1 year TSR5 year TSR
440thCardinal Resources-21%75%
451stFlinders Mines-22%26%
499thOro Verde-31%-21%
731 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
Source: Morningstar

Revenue

275th↑Flinders Mines$49k
310th-Corizon$14k
311th↓Oro Verde$14k
313th↓Odin Energy$13k
314th↑Cardinal Resources$12k
488 listed resources companies ranked by revenue.
Source: Morningstar

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