Blakeman I was very keen on the listing at one stage also and I...

Blakeman I was very keen on the listing at one stage also and I think if they have put it on the backburner there is a good reason .
The thing that I always keep in mind is that this US listing is only going to happen once, so they want to time it to perfection. Furthermore the directors are the ones with more skin in the game than anyone. I always believe that these guys will always maximise their gains from listing so clearly they have been advised that this is not yet the optimal time, although I think it will most happen in the next 12-18 months as the revenue and profit picks up.
You can see that things are starting to drop that would be positive for an IPO, especially the recent legislative changes which are a huge for creating interest from institutions. Being cash flow positive never hurts either.
Certainly if they had gone to the US markets this year the share price could not have really performed much worse than it did this year but that's not the goal of the listing in the US as we don't really need anymore capital at this stage. When/if IPO happens if will be a gigantic step in the process of revaluing the company in the eyes of the US markets which is after all the economy AJX is largely operates in.
This vital step is important to the ultimate buy out /takeover as it allows a better chance to upwardly revalue the business as there will only be a small amount of stock offered, most likely at a premium which will drag up the worth of all shareholders holdings . All imho.
Cheers