Ann: Letter to Shareholders - Joint CEO ISX and NSX, page-34

So the speculative scenario that I am thinking is this:

ISX is going to be delisted so ISX migrates all of ISX's assets to the NSX. NSX becomes the new ISX and JK becomes the new CEO of the new company. ISX is then delisted and becomes a carcass. All of ISX's retail shareholders then become holders of an empty shell. So how much is the price per share for an empty shell?

Meanwhile JK would still be a CEO in the new company and would still be listed on the ASX so he is fine but what about ISX's shareholders???