Yeah, I was caught out by MOL choosing to be suspended, then delisted after 2 years. They had $75m in the bank and needed to find a new project to satisfy listing rules but were more than happy to be out of sight. They had the equivalent of 15cps cash when delisted and blew most of it over the next few years before returning 3cps and winding up. 57% owned by Chinese group Hanlong.
One of the easiest ways to disappear is too ignore a 'Please explain' from the ASX. They will suspend a company and if there is still no adequate response, the ASX will delist the company. HAO is one case that comes to mind.
Companies use this tactic and the shareholders are the losers. The ASX should make the directors responsible and keep the company listed, but that's not how it works as the directors are considered our representatives, though some don't work for retail holders at all imo.
They're there so they can be paid other peoples' money sometimes, though every now and then there is management with a conscience and ability to make a go of it. Simon Lawson seems to be one such person at SPR.
I'll be hoping Gino turns out to be the same, though it's usually only in hindsight the truth is revealed.
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