A tightly held register with over 88% of the total 137million...

A tightly held register with over 88% of the total 137million issued held by the top 20 shareholders.
Top 20 shareholders - http://imagesignal.comsec.com.au/asxdata/20100415/pdf/01055174.pdf

Tremendous growth potential and what I believe to be the key here imo is the string of very impressive senior appointments as set out within this time-line of the past year
___________________________________________________________

16 April 2009 - CAV Investments subscribes to a placement of 5,000,000 shares in IPGA which represents just over 4% of the enlarged capital. It was the first direct investment received by IPGA since its listing on the ASX in September 2007. Simon Baker, the former CEO of the REA Group is the CEO and founder of CAV. Mr Baker is widely recognised as a preeminent global expert in the online classifieds industry. The placement in IPGA is the sixth strategic investment made by CAV.

4 June 2009 - IPGA Beefs Up Senior Management Team with Matt Allanson from REA Group & Denise Chu from Monster.com, veterans & two key management team members.
Denise Chu, former Sales Director at Monster.com.hk, has been appointed as General Manager of its Hong Kong operations. Matt Allanson, former National Manager of Major Accounts at the REA Group, joins the group as Regional Head of Business Development

10 November 2009 - IPGA announces the appointment of Simon Baker, the former CEO and Managing Director of REA Group, to its Board of Directors. The appointment follows the subscription of 5,000,000 IPGA shares in April this year by Mr Baker by his investment vehicle, CAV Investment Holdings.

January 11, 2010 - IPGA Ltd announces that Shaun Di Gregorio has joined as CEO. Shaun was formerly the head of operations at REA Group (2005-2008) and the General Manager of the REA Group international businesses (2008-2009).
During his 7 years at the REA Group, revenues grew from A$6m to A$167m.

February 4, 2010 - IPGA Appoints New Director and Chairman.
Non-Executive Director, Simon Baker has been appointed Chairman of the Board.
The Board has also elected a new Director, Luke Elliott, to join its ranks.
Elliott, a founding shareholder of IPGA's majority shareholder, Catcha Media Group, brings over 10 years of Asian online media experience. He currently serves as the GM of Catcha Digital, a partnership between Microsoft and Catcha Media Group to operate Microsoft's entire suite of online products in Malaysia, and is one of the regions leading experts in developing fast moving online business models and monetising online media assets.

April 10, 2010 - Former Webjet CFO Joins IPGA. Rod Brandenburg has joined as CFO. Rod was formerly the CFO and Company Secretary at Webjet from 2007 until 2009. Rod will bring significant experience from senior financial and strategic roles within high growth companies across a broad range of industries in Australia, Europe and Asia.



April 30, 2010 - IPGA has strong start to 2010 with record number of Agents joining, its largest number of new customer sign ups and is on track to better this record in April.
"We have had a very strong start to the year with excellent growth in the number of new agents subscribing to our websites in Singapore, Hong Kong and Malaysia. These are our three core markets. The record we set for new customer growth in March looks like being bettered again in April and this has coincided with a record number of consumers visiting our websites said IPGA CEO, Shaun Di Gregorio.
We are continuing to invest in the growth of our business particularly in the area of sales and marketing where we have doubled the size of our sales force and launched consumer marketing campaigns in each country. To support this growth we are very focused on improving the skills and capabilities of our people, becoming more innovative in the products we are developing and improving our IT infrastructure. This is all focused on building upon the market leading positions that we have established in Hong Kong, Malaysia and Singapore commented Di Gregorio
___________________________________________________________

Simon Baker is widely recognised as a preeminent global expert in the online real estate classifieds industry and he did an extraordinary job taking the REA Group from $4 million to $155 million in revenue within 7 years.
What I now find more assuring is that Simon Baker has brought Shaun Di Gregorio over from REA. These two guys were an integral part of REA's success story. During Shaun's 7 years at REA the sp increased from 15c to $7.40. That is quite significant, and what is more interesting, since starting with IPP in January the sp has increased from 13c to 45c

As always please DYOR but I would be most interested in receiving some constructive feedback.
Cheers