Shares in Flinders doped by three cents, or 18.8 percent, to 13 cents, HeraldSun.com.au reports.
MMK was set to acquire 100 percent of Flinders Mines FMS issued shares by June 30 until the Arbitration Court of the Chelyabinsk Region of Russia adjourned proceedings brought by MMK minority shareholder Elena Egorova until July 2.
Egorova asserted that the acquisition would create operational and financial risks for MMK, adversely affecting her investment, HeraldSun.com.au reports.
The adjournment, according to Flinders Mines, is a major disappointment, but the company plans on continuing with an appeal slated for May 30 to allow the takeover.
“If the appeal succeeds on that date, the injunction obtained by Ms Egorova will not prevent the scheme being implemented prior to the 30 June, 2012 end date under the scheme implementation agreement,” Flinders said in a statement, according to HeraldSun.com.au.