Ann: Appendix 3Y, page-3

I don't think that is very likely here.
Simon and Matt own so much of the company that the little purchases they are making at $10k or $15k a time are not in any way material, though they do signal positivity.
Should they wish to take it private, it would make the multiple millions in IPO and listing costs they have paid to date worthless, and it would remove access to public capital markets that they now have, and make use of via Employee Share Plans etc.
It would also be deeply unpopular with institutional investors, who are all holding at a loss, we can surmise, but would be unhappy at at having the possibility of gain removed and the prospect of future market based fees removed.
While FLN currently supports itself through cashflow, if there was the option to accelerate growth via equity funding, much better to have a listed vehicle to raise it, where the market sets the price, not a venture capitalist or private equity. Especially if it was a strategic investment like a tie up with one of the (privately held) major competitors.
To take the business private, Matt and Simon would have to incur debt, which they currently operate without, or take on a private equity partner, who would demand more control than the current arrangement of minor shareholders.
The advantages to taking the business private would be limited. It would remove listing costs, and remove most reporting obligations, but neither are very onerous. It would give Matt and Simon full control, but they already have it.
The small free float means they don't have much incentive to take it private either, as they would already accrue the cvast bulk of any future share price appreciation - who cares about the last 10% or so?
For these reasons, I think it is pretty safe to stay listed, even if the possibility of a stag profit as they mopped up the outstanding shares would be nice.