Management has until Wednesday 21 September (just over three...

Management has until Wednesday 21 September (just over three weeks) for suspension to be lifted, otherwise the company is automatically removed from the ASX in accordance with Listing Rule 17.12 and Guidance Note 33: "ASX's policy is to remove from the official list [...] an entity whose securities have been suspended from quotation for a continuous period of 2 years". https://www.asx.com.au/documents/rules/gn33_removal_of_entities.pdf

The ASX can extend the two-year deadline by three months in its sole discretion. However, LML's management have given no indication that is aware of this deadline or taking genuine steps towards reinstatement other than very generic statements. I have seen no announcements outlining a pathway to reinstatement, which either is a failure of continuous disclosure or (more likely) indicates that they haven't actually gotten ASX to give them any conditions for reinstatement.

In my experience getting reinstated after years in suspension is a long, drawn-out process involving lots of to-ing and fro-ing with ASX to demonstrate that you are a genuine company. I serious doubt management can pull a rabbit out of the hat here and if I were a shareholder I would definitely be accepting the takeover offer. However I believe retail shareholders are very much in the minority so they may have to suck it up and let the majority owners sleepwalk into delisting.