Ann: Business Update, page-70

That might be the case. But anyone with an understanding of Lev Mizikovsky's record/history would know how this pans out.
He doesn't take crap, executes very well and always has the shareholder in mind (see Tamawood or the purchase of ANO equipment a few years back as examples. Also see his salary [none], dividend history in TWD, expense management in ANO/TWD, market share increase ANO/TWD, etc.).

I'm betting we end up with a dual listing eventually - but I don't see why this creates uncertainty. If anything, I have two exchanges through which I can buy/sell shares, as long as I have a broker that allows me to do so. Hardly a problem.

As for institutional involvement - again, I don't see the problem. They likely can't get the liquidity/volume required. It doesn't change the growth/return profile of the business.
(FWIW - I think Capital H were on the register [Harley Grosser mentioned owning ANO in an unrelated write-up], but I don't know position size. They may have sold since)