If the company was still domiciled in Aus, what's gone on over the past couple of years is definitely in the realm of a class action. For instance, Issues around disclosure are fertile ground for class actions. I'm not sure why that did not happen, maybe the dollars ISX and its insurance had made it not viable?
In terms of now, yes there is likely nothing shareholders can do as the demerger effectively acts as a shield (from ASIC, I doubt Mr Performance Shares is worried about a class action), as well as soldifying the performance shares in another juristiction.
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