Hi BuddyGot it from announcements last year. Here's a few from...

Hi Buddy

Got it from announcements last year. Here's a few from stocknessmonster:

http://www.stocknessmonster.com/news-item?S=IBR&E=ASX&N=374505
http://www.stocknessmonster.com/news-item?S=IBR&E=ASX&N=379403
http://www.stocknessmonster.com/news-item?S=IBR&E=ASX&N=378886

IBR board was the one that actually applied to delist with reasons listed in the 2nd one above but include illiquidity and very small shareholder register (88 with 3 holding 97%). TMR is an 86% shareholder. This does not automatically merge IBR with TMR - that won't happen until TMR get 90% of all shares. They are simply no longer a publicly listed company.

The minority shareholders have legal but limited protection. They will have the right to vote but lose every vote. They will have the obligation to chip in to fund raising and will have to do so or risk being diluted to compulsory acquisition point.

Upon reflection I suspect the same will probably happen with AGM if ZFX gets to a similar stake. I don't think there would be many individual shareholders left?