No it isn't.
They have for example made no attempt to buy mine, all 980 of them, and if they were to buy them the sensible thing would be to contact all the remaining shareholders at the same time. There was a facility for individuals who so wished to sell them back to the club in about 2012-13, but this was always going to be minimally taken up since thousands of shares had previously been sold individually over the years as presents for people to stick the certificate up on their wall; getting a pound back wouldn't be worth the hassle for those people. Also Lord Ashcroft increased his holding via the AIM market a week or two before the company was taken private, from around 4-5% to 6-7%. This had to be declared publicly as it took him above the 5% mark. Had he sold his shareholding, it would surely have been newsworthy enough to be in the media, which it hasn't been.
Had ENIC's shareholding gone above 95%, I believe they would have had the right to forcibly buy the rest, although why would they bother to get to that level with its unnecessary concomitant cost? They effectively own the club with their 86% and can make whatever decisions they like, though for anything substantial they need the approval of over two-thirds of the shareholders by value, which they already have, so all that is needed is to tell all shareholders like me (and my notifications come by email) that there will be an EGM, at which their proposals will be passed on the nod.
If they, as you wish them to, sell the Club, the offer will apply to all shareholders anyway.
Almost every German club manages it, after all, from Dortmhnd to Bayern to FC Emmen.
