Exactly right - there can be no dispute that the absolute...

Exactly right - there can be no dispute that the absolute minimum fair value offered to all shareholders is $0.15 cents per share. And this is being generous. In my view, Directors would be showing a lot of integrity if they worked out a way to facilitate a minimum price that was above the VWAP, especially for the unmarketable security holders who are being locked into a price that was set before the 50% SBB announcement (substantially changing the situation).  

Re ASIC: these rules will be essentially the same as what they are now. ASX public disclosure requirements will obviously no longer apply, but it's not as though a non-listed public company cannot still be good to it's shareholders, profitable and payout dividends etc. The only major difference is a lack of an open market to easily buy and sell (liquidity. But if someone held the view that this was a great business with growth potential etc and intended to hold for the long term, it won't make actually make a whole lot of difference whether it's listed or not (over the long term).