TransTasman risks, page-38

EPCT was announced several years ago. It is not a recent change and was mentioned in the prospectus.

From what I read up 30 million of the remaining 80 million founder shares were sold via their escrow system. Recall the same sellers took 50% in cash at listing.

If you compare the price of three listed firms, XIP, QIP and IPH over the last 6 months they generally move together and downward. The price drop in QIP and XIP was not due to the number of IPH shares coming out of escrow. Some other factor is in play.

IPH, QIP and XIP benefit from a lower AUD. The recent price jump appears to be correspond to the drop of aud:usd rate from 75 to 72 at the end of 2016. The AUD has recently moved back up to 74 and perhaps IPH will again fall when trading volumes increase again.

It is difficult to explain the combined drop of XIP, QIP and IPH shares over the second half of 2016. The AUD traded around 76c for most of this period. The ASX trended upward but IPH fell 40%.

The attorney said there were trade rumors late last year that pilot ePCT programs had commenced or been successful in a couple of countries. I have been unable to confirm it.