Assuming file registration statement with the SEC occurs at week...

Assuming file registration statement with the SEC occurs at week 8 of the listing process then we have as little as 13 weeks to IPO if they proceed without delay. The SEC review is a 3 step process in which amendments to the registration statements have to be filed after the audited financial statements under US GAAP are initially submitted and SEC comments received. At the same time ASIC is approached to advise of the delist process, share holders are advised and votes called for to approve the transfer. That all takes 10 weeks from SEC filing leaving 3 weeks for the roadshow and bookbuilding preceding final pricing and share allocation. They can ensure that they beat the deadline for the QVT matter but timing is down to CS now.