This is some info from delisted.com that addresses the...

This is some info from delisted.com that addresses the possibility of recapitalisation and requotation where it occurred once on the list of worthless shares. (Also on restrictions on transfer of shares)

“Recapitalisation and requotation

Many shareholders have asked us about the possible value of their shares if their company is restructured and able to regain quotation. In our experience the residual value of an average shareholding has been negligible in such circumstances. The best way to demonstrate this is to take two prominent companies that were recapitalised and subsequently regained quotation:

Western Metals Limited (now Indago Resources Limited (IDG) – As part of the restructuring, this company’s shares were consolidated, with existing shareholders receiving 1 share for every 100 they held previously. The shares came back on the market in December 2005 at about 2.3 cents and an “average” shareholding of say 50,000 shares acquired at 28 cents* each (cost $14,000) had thus become 500 shares, worth about $15.

Gympie Gold Limited (now Lachlan Star Limited (LSA) - As part of the restructuring, this company’s shares were consolidated, with existing shareholders receiving 1 share for every 15 they held previously. The shares came back on the market on 4 April 2006 (the company was then called Toodyay Resources Ltd) at about 2 cents and an “average” shareholding of say 25,000 shares acquired at 56 cents* each (cost $14,000) had thus become 1667 shares, worth about $34.

* average closing price over the five years prior to suspension

While any value is better than nothing, in each case shareholders who had retained their shares were still faced with having to sell a less-than-marketable parcel to crystallise their capital loss. Clearly it was in shareholder's interests to dispose of their shares and take the tax benefit of the loss immediately.

Transfer of securities

Shareholders should be aware that some of the companies in the above schedules are in administration. While s437F of the Corporations Act restricts the transfer of shares in such companies, the Australian Taxation Office has determined that in certain circumstances the capital loss can be crystallised. Our documentation and process has accomplished this for thousands of transactions since tax year 2003/04. We are not aware that any claim has ever been disallowed by the ATO.

Shareholders seeking further background should see our Loss Declarations, Deregistered Companies and Capital Gains Tax Basics webpages.”