delayed ipo

I know there has been much speculation as to a deferred IPO and in general most would say while not ideal it's not crucial to the success, moreso the P/O's are.

However, reading the QVT deal details once again, I think a delayed IPO would have a "major" impact on the company and send it's share price reeling.

The additional 6m shares and a cash payment is diluting the company equity 10% and will have a huge impact on cash flow (let alone confidence, you can't live on borrowed money forever).

I now take the view that an IPO this year is vital unless they can restrucutre the QVT deal (but it will cost them)