Ann: CEO Appointment , page-10

None of us know exactly what happened in the background.

But of course the CFO is involved in an IPO, but it is the CEO and Board that makes the key calls. Many of the key issues that jeopardised IPO1 being:

1) setting a timetable of 31 December which meant we had to go during the fiscal cliff- all becuase of the warrants issued to the instos from capital being raised too late after FDA approval . Somehow we ended up in the last week of December for an IPO, hardly the best time. Im not sure the CFO is responsible for this point.

2) Lack of lock up- Neo points this out as a key issue- everyone in an IPO wants to invest for a stag profit. Its not the CFOs job to be negotiating key terms with the major shareholders.

If the two issues above are fixable, then I can see the logic of having someone who knows the issues already leading IPO2.

If this is a budget appointment, then I support that too given his CV reads well and his package is in tune with the general cost cutting going on.