Ann: Voluntary Delisting from ASX, page-9

That's the million dollar question. If the company was so valuable, they should be able to find a buyer regardless of the market cap. Obviously this is not the case. Considering the timing of the most recent failure and the multiple mentions of dilutionary capital raisings, I suspect they are intending to source money through questionable means that would never pass public scrutiny (i.e. punishing interest loans from directors or directors related entities). If the delisting was approved, who will stop this and how?

It is just insane reasoning. Sure, after taking it private, the directors can say the shares is worth however much they want it to worth, but who's going to buy them at that price?

The only sane reasoning is as another poster pointed out, they wanted to lower to share price for someone's benefit. I am pretty sure it is blatantly illegal, so it is still quite insane. The board is either insane or delusional or both. They really gotta go.