IMO what you are witnessing here is the gradual privatisation of...

IMO what you are witnessing here is the gradual privatisation of Veris.
Certain parties close to the board will mop up Perennial's shares and any other leftovers so the company will, for all intents and purposes, be 'private'.
And what about the smaller shareholders I hear you ask?
Well, what about them!
When this is completed, the business will be in the hands of the same board and senior management who oversaw the destruction of shareholder value from ~$110m to $14m, without taking any accountability or responsibility.
One of WA's most prolific public company fails over the past 20 years.