Results of dielectric relaxation, quasielastic neutron scattering, calorimetric D.S.C. and preliminary X-ray measurements on the fifth member, POAOB, of the 4,4'-di-n-alkoxyazoxybenzene homologous series are presented. It has been found that POAOB exhibits two mesophases: a nematic (N) and an intermediate crystalline phase (CI) just below it. From comparison of the dielectric relaxation and quasielastic neutron scattering studies we can conclude that in the nematic phase the molecule as a whole performs rotational diffusion around the long axis (ω ˜ 150ps) and at the same time the two moieties perform faster independent reorientations around the N-δ bonds (ω denotes a benzene ring) with δ ˜ 5 ps. The intermediate crystal phase is identified as a solid uniaxial rotational phase in which fast molecular reorientations exist. It seems that the fast reorientations observed in the nematic phase to some extent survive to the crystal I phase. A model of molecular arrangements in the crystal I phase is proposed, and it explains the reduction of the dielectric increment observed on passing from the nematic phase to this phase.