Just to recaphttps://www.investorplus.com/investorplus/about/parentcompany/pressreleases/transcript.pdf
This is the link to the minutes. The minutes provide us with another vote that was taken regarding a share re-organisation (see pages 18 and 19 of resolution). Correct me if I'm wrong Luke but it appears the IPX.A shares will be consolidated at a future date of 5 IPX.A shares for 1 new IPX.A share. So at current price shareholder would receive 1 new share for 5 old and the price would of course reflect this consolidation. ie .12 or .15 cents would equal .60 or .75 cents for the new shares depending on what price this originally goes through at.
The redemption of preferred shares will take place in early November and early 2002 and I believe $15 million has been put aside for the first redemption. This is equal to .82 cents for the preferred shares. So you will either get the cash soon or in early 2002.
Personally IMHO I think it would have been cleaner if they had waited and called in all the preferred at the same time.
Fridays closing for IPX.PR.A was .65 to .75 - 84,000 by 1,000. And the closing for IPX.A was .125 to .145 - 2,500 by 1,000.
Hope this helps anyone and please make corrections if I have slipped up.
Regards....... Toby