There is a section in the Corporations Law -s232 which deals...

There is a section in the Corporations Law -s232 which deals with exceptions to the Rule in Foss V Harbottle (long standing precedent regarding shareholders taking legal actions against companies in which they hold shares)
the exceptions to this rule say that shareholders can sue the company in cases of "fraud on the minority"
and "ultra vires/illegality". If people feel so strongly, perhaps action should be taken to the Federal Court by a joint group of minority shareholders. the threat to do so may result in a better proposal. Directors have certain duties to the companies- and can be fined or imprisoned by serious wrong-doing. I dont have a clear picture what happened here- but companies are supposed to operate in clear and transparent ways...if directors are to blame, they should be held accountable.
If another proposal is offered and accepted and the company relisted- it can survive to trade another day and hopefully a better one at that, it may increase in price over time- quite a few companies come out of administration to trade again. Gloating about how much major shareholders will lose in liquidation is pointless- they're rich anyway- with or without CMR. Let's make sure another proposal is on its way, even if it means formally organising and contacting FH.