International Properties Group (IPX-TSE) Message Board

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Gold/Mining/Energy : International Properties Group (IPX-TSE)

IPX 44.18

+0.4%

Oct 31 9:30 AM EST

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To: Englishbob who wrote (96)	8/17/2001 3:39:39 PM
From: Englishbob	Read Replies (1) of 104

International Properties Group Ltd IPX Shares issued 33,853,195 2001-08-16 close $0.66 Thursday Aug 16 2001 News Release Mr. David Heaberlin reports A special meeting of shareholders will be held on or about Oct. 16 to approve a plan for the distribution of cash to common shareholders. This plan will involve the issuance of one common share and one redeemable preferred share for each outstanding common share. The corporation intends to make application to the Toronto Stock Exchange for the listing of the preferred shares, resulting in the listing of both the common shares and the preferred shares. The corporation anticipates using excess cash accumulated from the sale of properties in the corporation's revenue property division (RPD) to periodically redeem the redeemable preferred shares. David Heaberlin, the chief executive officer and chief financial officer, stated, "The decision to proceed with this plan is the result of an exhaustive process to determine the most tax efficient method available to distribute the funds being accumulated from the sale of our RPD portfolio to our shareholders." The information circular for this special meeting is expected to be completed and mailed on or about Sept. 10, 2001. The proposed transaction is subject to receipt of all regulatory approvals prior to such mailing. The corporation continues to expect the net proceeds from the sale of the revenue properties portfolio (as discussed in the company's press release in Stockwatch June 21, 2001) to approximate or exceed $29.2-million. The corporation currently believes that the sale of all the RPD properties could be concluded as early as Oct. 31, 2001. The board of directors anticipates declaring an initial redeemable preferred share redemption of at least $10-million (approximately 50 per cent of the corporation's current market capitalization) following shareholder approval of this plan, with the initial distribution anticipated to be concluded on or before Oct. 31, 2001.

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