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: Dennis Lefebvre who wrote (84)	9/24/1999 12:32:00 AM
From: mark calgary	of 104

This is the same company that they took a look at last year at a much more expensive price. I think they have unloaded a construction project that was not yet completed when the offer was made last year. I think that they still have all the condos that are mentioned here. Here is the release from LAST YEAR. Note how much cheaper this time around - 25 shares TAC as compared to 7.3 shares TAC last year. Last year if the deal had gone through IPG would have issued 5.3 million shares. This time they only have to dole out just over 1.5 million shares. It looks like the gang at IPG has waited these guys out and bought another bunch of buildings for a great price. Tuesday Sep 15 1998 Mr. W. Judson Martin reports International Properties Group (IPG) intends to make an offer to purchase all of the outstanding common shares of The Azterra Corp. on the basis of one common share of IPG for each 7.3 common shares of Azterra. Azterra is a real estate development company listed on the ASE under the trading symbol TAC. As at June 30, 1998, Azterra's book value of assets was approximately $45-million, consisting of multifamily residential properties, all in greater Phoenix, Az. IPG will issue approximately 5.1 million common shares to acquire all of the outstanding Azterra common shares. Azterra's assets are high quality, well leased, in desirable locations, and are a perfect complement to IPG's three existing projects in Scottsdale, Az. On completion of this transaction, IPG will have approximately 1,500 multifamily units in this market - creating a meaningful critical mass - and several future growth opportunities. IPG will be looking to Mr. Fitzsimonds and his team to manage and take a leading role in profitably growing the company's U.S. asset base.

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