ISXFEU Listing 2024, page-81

Benny, the issue, I suspect, is simple: NK has effective control.

Between him and his family, he has control. It doesn't matter whether he's CEO, a director, or steps down from all official roles, any decent exchange will treat him as being in effective control, and that is probably the reason why it can't list.

He's not yet willing to admit that to baggies, so keeps the narrative running. For the moment, he's happy with his salary, and doesn't yet need to take a dividend out of ISXFU, so can put off the inevitable.