Ann: Proposed merger between iProperty Group and REA Group, page-24

I made email contact with the company indicating I was not convinced that the acquisition price was at a level acceptable to shareholders given the growth potential of IPP. I received the following reply from the CEO which I assume is a standard response to shareholder concerns. It looks like there is a differing point of view as to what constitutes an "attractive offer"!

"Thanks for your email and your support of iProperty. I have passed on your email to board and advisors. Over the next weeks you will get access to the acquisition scheme booklet and the independent valuation report which hopefully will give you more comfort in the valuation. The way I would look at it is from a revenue multiple point of view (which is one of the best ways to value a break even business) apart from DCF (which independent expert will also do), it is a very attractive offer I think. Thanks for your feedback."