I can't comment on the reasons why other posters have said the company should be delisted. I think it will be primarily because it doesn't have the revenue to pay normal operating expenses, which is the reason they were forced to borrow at the rates normally seen with payday lenders.
Is OSX in breach of ASX rules or corporate law? That's for ASIC and courts to decide. I think they are, but I'm not a corporate lawyer. I think there is enough evidence to suggest that management have been not only lax and stupid but – more to the point – negligent and complicit in the wholesale destruction of shareholder value. This is enough to warrant investigation by ASIC and, if proved, charged.
It's a grey area of law. The Corporations Act states that a director's job is "to guide, monitor and oversee all aspects of the company so as to ensure he or she acts in the best interest of the company". They also have a responsibility to shareholders as the owners of the company. Sometimes the two can be in conflict. In this case, I think the board has trashed both responsibilities – helped along by shareholders who voted for them to continue in their positions. On that level, I agree with
@mitchmaan85 – shareholders have to take responsibility for their own actions, including the one to invest. But the counter-argument is that shareholders make decisions based on the belief that directors will do their job to protect the interests of the company, which I don't think anyone can argue has been the case.
I don't blame the directors for OSX's terrible performance in terms of sales and revenue. It's not their fault that their product isn't good enough to make doctors want to buy it. I do blame them for the absurd loan the company entered into. That was a conscious choice and showed sheer desperation to get money in. They are also to blame for the timing and details of the CR, the dilution, etc.
I think OSX will be delisted when the company becomes insolvent due to inability to sell enough product, or raise money by taking on more debt or doing another CR. Is a takeover offer likely? If so (which I doubt) it will be at a micro price. They have nothing to sell except their IP, which is of little value as it's clear the products are not well regarded by doctors. Vietnam and Singapore represent such small markets that they will have little impact. The failure of OSX to break into the big markets (EU, America, China) even though they have approvals in all those places, says a lot.
Anyway, I watch this stock now as a former shareholder (thank God!) and because train wrecks have a magnetic attraction, however horrible they are for their passengers.
