Ann: Board and Management Changes, page-30

CMY has cash current - last circa $800k. Companies prefer not to de-list and only if they are in arrears on Listing Fees will they be delisted by the ASX (that happens very quickly from the date of notice to pay) or they haven't traded for 3 years (that is being reviewed down from what I hear - probably 2 years). There are other determinants for being delisted.

Most listed companies have a "shell" value depending on a number of factors and it may be possible to revive the company with new management, a new project or even a change of nature of business (that would require going through a formal Corps Act process). After all, incumbent shareholders in an underperforming company would by and large be happy to get a "second chance" even if that came with share price dilution. Having less of something that really performs is far better than having a lot of a dead duck so to speak.

Usage of shells may be referred to as Reverse Takeovers or (RTO's). Once very popular but less so now.