These rules exist whether the company is listed or not. They...

These rules exist whether the company is listed or not. They actually apply more when a company is unlisted as the opportunity for shareholders to sell their shares is greatly reduced. I have a long term time frame and although it will be very inconvenient for the shares to be delisted, there are ways to sell the shares by an off market transfer if necessary if there is a willing buyer. Most companies delist because they are in financial trouble. ITD is in good financial shape. If the company is delisted and there is evidence that the majority shareholder or management are not treating minority shareholder fairly then I would be prepared to take the case up with ASIC. I hope it won't get to that point. However, it could be the case that other shareholders are forced into selling their shares as they don't want to hold unlisted shares. At that point the share price might fall significantly, especially if the company delays the buyback until the last weeks before delisting, by which point they won't be able to buy the shares near NTA due to the 5% rule. Say they buyback 50% of the share at half NTA (7cps). Then theoretically the NTA of the remaining shareholders will increase significantly (buying half the company at 50% discount to NTA). In that case there might only be a few minority shareholders left. I would think that after the delisting the company would like to mop up the minority shareholder buy offering an off market buyback at close to NTA which at that point would be over $0.20. They cannot force you to accept a price which is unreasonable as that would be "oppressing the minority shareholders" and the minority shareholders can seek protection from ASIC or sue. Not really worth the court costs for the company to do this as most would not hold significant holdings. I'm prepared to buy more specially if the share price gets closer to half of NTA (7c) with the prospect of possibly selling out at 20c within the year or 2.