I'm welcoming back Bob Doherty and Iain Davies to talk a little bit about the experience of Cafédirect when they went for an IPO, an initial public offering. This was a major step for Cafédirect at the time because the company was coming up to a limit of capital that it could raise on the open market through bank loans or other possibilities of debt. So Cafédirect urgently had to find a way of raising capital. And they decided to do an IPO, which is kind of different from the IPO most other companies do. Now, Bob, tell us a little bit about what happened in the case of Cafédirect, and how this played out in the long run. >> Okay, one of the big debates in social enterprise is how to scale up. And what Cafédirect did, in agreement with the founding members of Oxfam, Twin, Traidcraft, and Equal Exchange, was to go down the pathway of an initial public share offering. I do know that some companies were keen on buying them. But they wanted to do an IPO, really, as a way of scaling up and bringing in new finance into the company, because at the time, the sector was getting more competitive. There was more big advertising from the supermarkets, and also from the manufacturers around fair trade, and ethics, and what have you. So that was one way of bringing extra finance into the organization. They did an IPO on the FX Exchange, which meant that it was controlled. And it meant that consumers could only buy a certain number of the shares. And it was oversubscribed, and lots of consumers came in and bought shares in Cafédirect. And it was regarded as a really interesting success at the time. And they used the money to do this really interesting advertising campaign on the London underground Tube system, with the 5065 branding. And really, if you remember seeing it when you were down in the Tube, it looked really, really fantastic. And it had a big impact on their sales in the greater London area, in particular. But obviously, with an IPO, that brings a lot of changes in terms of governance mechanisms and how you have to run the company. And that was a challenge for Cafédirect because it takes a lot of resources. It takes up a lot of time having to adhere to the standards and the regulations of being a publicly listed company. And so that absorbed a lot of their senior management resource and time when the market was changing rapidly. And really, they could have, maybe, been better using some of that resource and some of that time in being more innovative in their new product development, spending more time on the branding. They kind of took their eye off the ball, in a way, because they were so absorbed by the IPO. So in fact, there are some advantages and some disadvantages to the IPO, which we, maybe, can talk about at another time. And sometimes students have a really interesting discussion about that.