Legally yes though in a practical sense very difficult.
Listing puts a variety of requirements on Directors which shareholders will not enjoy as an unlisted company.
i would expect that legally all the Board will need to do will be to issue an annual P & L / Balance sheet to shareholders. I would hope the Board will do more than the bare minimum but that remains to be seen - I am not optimistic as this stage
Some poor justifications:
Lack of liquidity on the market - seriously how on earth is delisting and going private going to even remotely result in an improvement in liquidity - it might not have been great listed but it will be virtually non existent unlisted unless as I expect a low ball offer will be forthcoming to trapped shareholders.
Price not representing value of the assets - perhaps but that is the result of poor management - assets get value because of demand for the asset /the potential value increase they might experience, or the profit they generate. As an unlisted entity - demand IMHO is going to be linked in the main to existing large shareholders or management at bargain basement prices - not likely to lead to shareholders realising full value - remaining listed is the best option for shareholders to extract asset value and performance improvements.
Save listing fees while true IMHO clearly shows they have no short/medium term expectation for an improvement in performance as if they did remaining listed is the best avenue for shareholders to realise potential increase in the value of the company via improved performance.
Personally my distinct preference would be to pay the fees and remain listed
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