I presume everyone got a notice to register with a new share registry.
As has been commented elsewhere in the ABT thread - shareholders are now trapped in a illiquid position with based on the lack of any information flow recently no idea what directors are doing with their company. (unless I have missed a communication) A totally unsatisfactory situation.
The reason investors invest in listed companies is to ensure they have a degree of liquidity to exit a position should they decide to and to benefit from the protections of legislation /listing rules for a listed company particularly in relation to disclosure, reporting etc - ABT shareholder no longer have what they invested in - for a supposedly spurious justification that the market did not reflect the value of the company in the opinion of the directors and they were seeking to cut costs associated with being a listed company. Well welcome to the real world there are a lot of companies where BOD and shareholders would think that the market price does not reflect the true value of the shares. From my perspective as a shareholder who invested in a listed company my preference would have been to continue to pay the listing costs and preserve for me as a shareholder the option of selling my shares on market and the protections and information flows available to shareholders of a listed companies. We should also not forget that being listed opens up the capital markets to companies - always assuming the BOD can present a compelling case to investors if seeking to raise capital
Perhaps I am being unduly cyncial about the whole situation but my expectation is that in the new year at some stage there will be an offer to purchase shares and many with no alternative will accept it if they want some of their investment back gifting control to someone or a group without the need to mount a formal takeover as would be necessary if the company were still listed. That is ofcourse assuming that the BOD have not further destroyed the value of the company - but then we shareholders the owners of the company have no idea at this stage as there is no information flowing from the BOD.
The BOD could at least preserve some faith by shareholders by instituting a regular information update process.
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Dani Nadri, Country Manager Australia
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