In theory ura_bull yes those small investors still have shares...

In theory ura_bull yes those small investors still have shares in the delisted company. But what good is that to them ? They do not have certain protections that they would have as shareholders in a listed company. A listed company on the ASX is required to follow certain rules and provide reports of its activities, hold meetings etc. A delisted company becomes an entirely different kettle of fish. 

You can see by the clamour on HDY the other day that no one was viewing the prospect of HDY being delisted with any delight from the point of view of the loss of rights and the fact that their shares were almost worthless if delisting went ahead. The BOD then have more more control over the assets in reality than the ordinary shareholders IMO.