Ann: Investor Update - March 2013 , page-13

I agree that IPP are on the right track, just that they have employed some pretty expensive staff over the last 12 months. However if that helps them get in the black quicker than they might have otherwise, that is OK.

In regard to ICQ I think it has got well ahead of itself with a market cap of $42m and revenue of only $91,000 in most recent quarter - that is a dot.com valuation. Looks like only reason they are holding their price is that carsales.com may be a longer term purchaser. We have a bit of insurance with IPP still holding 5.5%

On this basis IPP is probably ripe for a takeover (Se Loger or REA?) as it approaches +ve cashflow