The result of a vote on 20 September to remove the company from the ASX was a foregone conclusion: 80.88% of shares are controlled by managing director Anthony Karam, who supports the plan.

However a number of minority shareholders have vented frustrations, arguing that their shares have become “significantly less valuable”.

ProPrint previously reported that director Jamie Schwarz, who resigned on 20 September, was the only one of three independent directors from TMA who disapproved the delisting.

Schwarz told ProPrint he left because of TMA’s “lack of adherence to corporate governance principles”, saying that the move to delist was “to facilitate a buyout of the shares owned by the company’s minority shareholders at a significant discount to a true and fair valuation”.

Minority shareholder Chris Read told ProPrint he had complained to the ASX. He explained he had put in an order for 20,000 shares on the same day, only to see the share price fall after the delisting plan was revealed. “My money was halved instantly.”

Karam called the objections from shareholders “naive”.

“They still own the shares, the shares still hold the same value and they are still in the same position,” he said.

“If you look at the amount of shares traded we have actually had more people buying shares since we announced the delisting.”

Karam said he was always willing to hear shareholders’ opinions.

Another minority shareholder is Paul Lom from DMR Corporate, who said he had taken up the matter with the ASX.

He said the lack of recent announcements to the ASX showed TMA’s low regard for its minority shareholders.

“I am not aware of a precedent where there has been no exit strategy offered to shareholders to receive a fair price for their shares,” he said.

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