ggp ig class action update

Hi there oberte,

thought I would start another thread to try and answer your questions, if that's ok. Also it keeps the different topics of this company segregated, for clarity purposes.

Here is what I was told by the IG in the last couple of days. oberte and all, please do not rely on my interpretations on the IG mechanics here, please email them yourself which is always the best and most satisfying.

Anyway here goes,

The IG emailed all 300+ members with an update some 2-3 weeks ago. All those that have registered for the CA will be receiving the latest information via an email update in the next 72hrs

Anyone interested in joining the CA should, ASAP do the following. Forward to the IG a very simple spreadsheet of their GGP purchases, sales with their relevant dates along with their losses which go back to March 2010. I repeat, this only has to be in a very basic and simple spreadsheet. ASAP

The cost of taking part in the CA will be 3% of your losses but, this will not be needed to be paid on registration. This payment will be needed some time down the track when the "issue of statement" is presented to the coy. Once that "issue of statement" has happened, I am told proceedings will/should move quite quickly. I know that the IG have already, a group of solid shareholders ready and very keen to get proceedings going !

The 3% payment will work like this, ( my understanding )

The IG have set up/registered a company for the purposes of the CA. For those who are taking part in the CA, once they work out their losses they will then be given one ( 1 ) share per dollar ( $ ) of loss. 1 share/$1 loss. EG; 10 shares in the IG company and you can use those shares in any voting on decisions the IG needs to make.

The law firm which has been engaged is, nearing completion of the ""issue of statement",along with the "brief" I am not sure what the next step is sorry ? I do believe the CA is very close to being registered ?? for want of a better description ?? Sorry not a legal eagle and that's just my understanding of the discussion I had with IG. Please email them for your own interpretation but like I said the CA registered participants will be getting another update in 72hrs.

oberte, I hope that clears your mind up a little more, as I said please contact the IG yourself via their email add or wait for a couple of days and all registered CA participants will know the very latest. This post is only my interpretation on the current state of the CA affairs.

cheers