"The lower the PoN , the better the chances of MBN at C&M as...

"The lower the PoN , the better the chances of MBN at C&M as eventually the big producers will throw in the towel."

How could you be so sure? Is it natural the small miners would be dying when the big ones is suffering and struggling? BHP is struggling, right? MBN is dying in RA!

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"I can still see my shares at the share registry。“

The registry is not a vault under the god protection. A dying company could let its shares in a register for some times but not for ever. A company dies with the following steps in the market:
1. VA with whatever the reasons.
2. RA with whatever the reasons.
3. Shares left in the registery for quite long time
4. Value greatly deprived based on the market conditions and the mode of the business controllers(not shareholders)

Any exceptions? Yes but quite few in the market. It is a common thing in the market: the shareholders usually don't admit their failure until the failed companies are in the grave completely: share is deluted or fired out some way.