My take on the timetable is quite simple. In order to make...

My take on the timetable is quite simple. In order to make placements at the IPO they will need an underlying signed up income stream of something like $50M pa. Once that is booked they will set the process in motion. I expect that the Larson deal alone will achieve that in the second quarter but they would be well advised to wait until additional orders are booked to satisfy the expectations of medium term (3 year) or even short term (1 year) growth. We know very clearly now that the number of customers has expanded as they were telling us last year and now have additional names. Remember that most still remain quiet. The new applications will greatly exceed the previously advised revenue figures and even calendar 2008 will be much higher than the forecase last September. So the trigger for IPO should be pulled by CS this quarter. By the time of the float in Nov/Dec we should see figures that include forward bookings in a range of platforms commencing in years 2010-12 as part of the 3 year forward earnings upon which the valuations will be based as previously described. The new generation of fasteners for industrial applications is the big news item as this will set up the company in the medium term far more than even I had expected late last year.