Agreed, ASX should not permit delist. Not aware of any...

Agreed, ASX should not permit delist. Not aware of any precedent.

Millstreet have made a cheep bid for the company assets and propose leaving current shareholders nothing. As the major debt holder they are in the drivers seat.

I did a quick back of the envelope a while back and figured there are sunk costs of A$1.2b in realestate + capital expenditure (or over ~A$1.5b inflation adjusted) as been spent on the assets.

Others have taken a look at the assets prior to proposed recapitalisation, potentially still vultures circling. Private Equity OR Diversified Miner?

Surely Australian Super would also throw their support behind and other reasonable offer?