I do not think it is a case of taking 4.8 cents or waiting 2...

I do not think it is a case of taking 4.8 cents or waiting 2 years to get a "little bit more". Do you think INE are buying the whole company for 4.8 cents to wait 2 years for just a "little bit more". No, these guys are good at this game, why not play the same game with them. I would imagine they are confident that returns can be conservatively relatively risk free 20% p.a. Plus from getting in at 4.8 cents. Do holders think they can get that with low risk in other stocks in this market? Remember what Wilson has done recently with INE, RHG, SGI. Do the holders of those stocks have regrets about selling him big chunks of those companies, you bet they do. The same might be the case here.
Why the big concern if they do delist. Read the announcement in November I think. The facility set up to wind up and pay all cash flows to holders over the next 2 years. They are clever in this low ball bid because they are taking advantage of shareholders not being comfortable owning a company that is not getting mark to market each day on an exchange. Maybe this will see them win control easily. Would be rare for a company to win control bidding at 15% discount to NTA.
Am definitely not selling next few days, don't mind if it de-lists. Very likelly though that they will get approval to defer the de-listing. So if I was unsure in anyway I would not be rushing to sell on Monday. This 4.8 bid should be around til late Jan if you need more time to contemplate. My best guess is that they will increase their bid to match the NTA of 5.5 cents and do this just before bid expires late Jan. That might be their last shot. At least that would be another 15% more and maybe I might consider accepting some, and maybe even picking up some INE in the meantime.
Anyway either way well done to anyone whou bought a few weeks ago.