ISXFEU Share Buyback, page-6

I looked into Alternative Liquidity. They actually specialise in this sort of thing. They don't seem to have a hostile buying strategy. It looks like the board approaches them, tells them what's going on, and Alternative Liquidity makes an offer. As they intend to offer a way out, it is definitely a low offer. Their expected amount less discounts for risk, profit, and delays. As they're taking on considerable risk, they're probably quoting at a third or a quarter of expected value.

But especially given that ISXFEU linked both them and their offer page, it's obvious that the company were involved.

This doesn't make it a good deal, but if the board are wasting their time there, it probably indicates that "we'll have another look at listing in the new year" is a long shot. This isn't 6 months and over. The board clearly aren't expecting to be on an exchange within 12 months, possibly 24 months.