OK thanks guys for the replies. I managed to get the board to POST.
I am not sure why the board did not POST. I moved the memory stick to slot 2A as suggested pricklypunter but if I recall it did not help so I decided to pull the CPU and reseat it, then it Posted. One thing I noticed too, when posting, the fans are going full throttle (like they should do) but back when the board did not post, the fans were running a low speed.
Anyways, now I just updated the BIOS to latest 2.2. Took 5 updates to get there!! The BIOS was from when the motherboard was released I guess, as it ran 1.0b.
[Additional questions were off-topic and moved to another thread]
Server upgrade (swapping components around)