Ann: Notice of Extraordinary General Meeting/Proxy Form, page-10

I think delisting is the most likely outcome of the special meeting of shareholders. Look at these snippets from the notice of meeting...

Section 10. The company's five largest shareholders hold 41.65% of the shares on issue and they intend voting in favour of delisting.

We know at least one of them is Adrian Grant and its likely that Mark Estall is still in the top 5. Both are motivated to salvage some value from their holdings. Not to mention, their reputations.

Section 3.5.b. The table shows that 37 shareholders (including the big 5) have more than 5m shares and between them they hold 65.84% of the shares on issue.

If the top five see benefit in delisting then you can assume some of the remaining top 37 will also vote yes.

Some of the original investors are still in the top 37. Maybe they topped up their holdings as the share price tanked? These are the "true believers".

I think the chairman (Kevin Phalen) had 4m shares at the trading halt and may have bought enough since then to be in the top 37. The notice of meeting says the board is in favour so put Kevin's 4m+ votes in the "yes" column.

Not sure where Alium Capital fits in. Maybe a top 5? I would guess they are in the top 37. And their website says they like to invest in unlisted tech companies so make them a "yes".

So 50%+ of the shares on issue will probably vote in favour of delisting. This is a special resolution so it needs 75% to be successful. But that doesn't mean 75% of votes on issue... it means 75% of VOTES CAST AT THE MEETING.

Most shareholders won't bother voting. It seems likely to me that the most motivated shareholders, i.e. many of the top 37, will vote "yes" and will greatly outnumber those people bother to vote "no".

This suggests that the big shareholders see value in 9SP once it has delisted. Especially the ones who stumped up cash recently. Exactly how that value will be realised is a mystery.

I do not want to see 9SP leave the ASX but the people who have orchestrated this outcome will, no doubt, benefit from being unlisted. As former prime minister Paul Keating once said 'In the race of life, always back self-interest - at least you know it's trying'.

I will vote "yes" for my small holding.