Depends who are the majority shareholders at the time as I...

Depends who are the majority shareholders at the time as I believe it would have to be voted on. If successful then the existing shareholders sell at the agreed price. Sometimes this can be a premium to current trading, sometimes not.

If there is insider complicity in the whole process then they would want it at a low price. If it's an external buyer looking at replacing existing management then I can only imagine the incumbents would want a high price. I'm no expert and just getting this from the net but think it's basically true.

Worst case scenario for a shareholder like me is management are frustrated with dealing with the responsibility and scrutiny that falls on a public company and are keen to move this private at a relatively low price and expect significant value to accrue post that move. I have no idea if that's the case but one interpretation of the last few years would be to frustrate some existing shareholders into selling and paving the way for a move private. I hope that is false and believe if they continue to grow revenues and drive hard on the Vitiligo trial then the share price should improve and the conspiratorial angle can be forgotten.