Ann: Notice of Annual General Meeting/Proxy Form, page-4

I haven't followed ICQ for a long time now, I lost interest when I felt that the Directors of IPP and ICQ weren't acting in the best interest of shareholders....particularly when they started buying stakes in other Asian property portals for their FDV venture when they should have been looking at expanding IPP's assets......but good to see nothing has changed around here.....with the shareholders coming a distant second to Mr P Groves and his Catcha Group (so that includes Luke Elliot as well) business interests.

Further to the point Memsi mentions above about issuing shares to Execs, what about the the options issued to Catcha group for the potential loan that they may or may not use at some point.

As consideration for Catcha providing the Company with a $5.0 million loan (Loan) and subject to shareholder approval of this Resolution 14, the Company will grant Catcha with up to 11,333,330 unlisted options. The Loan has an interest rate of 12% per annum and a maturity date of 3 years.

The unlisted options will be issued to Catcha as follows:
• 3,777,777 options on the date shareholders give their approval to the grant.
• 7,555,553 options when the Company draws down funds under the Loan.

I am wondering why options are being issued before the loan even occurs? What happens if ICQ never draw down on the loan, does Catcha hand back the nearly 4 million options received for doing absolutely nothing? Then I start to wonder why the directors choose a related party transaction at 12% interest? Are they not able to find finance at a rate cheaper than 12% in a world with record lows for interest rates?

Then a quick look at the iCar suite of website and the conflicts of the directors can be clearly seen again, with iFlix prominently advertised on both Carlist (2 out of 4 positions advertising iFlix) and Mobil123 websites as per the screenshots below.....I wonder what rate for advertising is being paid for these positions?

With this advertising, I can't figure out if they more interested in looking after their iFlix business or the ICQ business.

Who knows, I just never feel like their intentions are aligned with their shareholders!