Delisting, page-25

I like to think you're right, but the way it's been structured makes me very suspicious.  If it's such a certainty the buyback will be approved, why tie it inexorably to a delisting which gets voted on first?  Note also that the directors haven't committed to their positions - a few of them say they have, at the time the notice of meeting was prepared, an intention to keep their shares.  That's very, very different to a promise not to participate in any buyback.  So if it is approved you might find the pool of cash isn't big enough to let everyone exit in full.  

In summary - there seems to be a fair chance of a full exit at 12c but it's not a certainty.