1) are you kidding? You've never heard ev/sales quoted? That is...

1) are you kidding? You've never heard ev/sales quoted? That is about the only metric a startup can have.
2) so yes liquidity removed/greatly reduced for an undefined period of time - fact.
3) rubbish. the tech is already in their backyard. You think they can't buy Aus listed names? VC's bought into UPD from the founder sell down this year.
4) so why not list when profitable rather than putting your existing shareholders in a position where they either have to sell or are disadvantaged holding - board has an duty to all shareholders not a privileged few.

There's a reason it's trading cheap now. The market is telling you something. No two ways about it. This is an odd decision by management that doesn't benefit a number of shareholders.

This from a holder who has made good money from this one.