You might find this of interest:...

You might find this of interest:

https://www.asx.com.au/documents/rules/gn33_removal_of_entities.pdf

Especially Page 3 which says that an acceptable reason to delist is where:

the directors of the entity consider that the prices at which its securities are trading on ASX are materially lower than the underlying value of its net assets and the entity is intending to provide security holders wishing to sell their holdings with an alternative mechanism (such as a redemption or buy -back facility) to liquidate their holdings at a price closer to their net asset value

So to me this implies you will get an offer for all your holdings and that that offer should reflect a price closer to the real value of your shares. If the board says 15c is below, one assumes that price will be at that or higher. This seems to explain the arbitrage buying at 0.092 or below.

Also note it is not acceptable to request to delist to:

deny minority shareholders a market for their securities in order to coerce them in to accepting an offer from a controlling shareholder to buy their securities.

On limited understanding ITD has 85m shares on issue and a market cap of $7.9m. If you paid $0.20 cents per share which is a 30% premium to the pre-announcement price you'd be paying $17.2m for a company with $24.m revenue and NPAT of $3m. I can sort of see their point.