This is indeed sad if this was the case, I was looking forward to meeting with Tony this week in Hong Kong.
Without referring to this specific case, but I am happy to share some of the key points I raised at a separate meeting with another firm here (with positive cash flow and profitable business) regarding raising capital. I discussed the pros & cons of listing for a gaming market focused firm.
Key points are:
1.) Listing on the public market makes more sense for transparent and well understood sector (in terms of revenue/profit/KPI, and industry life cycle and multiples, plus ideally several cycles of boom and busts)
2.) If access to capital is key (for exit of share holders or for acquisition purpose), one can easily access Equity/VCs for a well proven business no matter what sector it is in (although VCs/PEs that specialise in remote gaming are comparative few)
3.) Non-relevant news and short-term jitters may adversely affect share price & stock holder confidence of a gaming firm (esp. remote focused) may not be ideal for firms that 'needed' a calm foundation to focus on growth. mostly due to the fact of sheer lack of well known/proven KPIs and industry life cycle data, especially for the remote gaming gambling sector (in some ways KPIs for offline casinos are different for different markets like Macau vs Las Vegas)