IPC Corp

IPC Corp: To purchase a piece of land to build a 75 unit condo project in Oiso, Japan. The total cost is approx JPY2.48b (approx $39.1m) which will comprise a 3-storey dev due for completion in 3Q2013. This will be funded by placement of 40m shares at $0.18 each. Co has previously completed 5 condo projects in Japan. This will funded by internal resources including net proceeds of the recent share placement. Co has an approx P/B of 0.56x