Could it also be because they didn't anticipate ASX would keep...

Could it also be because they didn't anticipate ASX would keep us suspended even after complying with the directions? If listing on the LSE requires first delisting from the ASX and ASX is too difficult to work or reason with, spinning off ISXFEU may have been seen as the next best option.

The Cyprus HQ decision could be because Probanx has its roots there; a lot of the EU staff would be based either in Cyprus or Lithuania, so makes no commercial sense setting up HQ in London.

Anyway, that's all speculation. The main takeaway from me is if LSE was willing to list us despite Visa's AML issues and ASX publishing their SOR, the future bodes well.