IPC Corporation liquidates US subsidiary

Palladio has carried out its special purpose.

The Board of Directors of IPC Corporation Ltd announced that the company has voluntarily liquidated its wholly owned US subsidiary, Palladio Properties LLC, a special purpose company set up to carry out the Group’s buy-sell of foreclosure properties in the US.

All houses purchased were successfully sold and the Group has no immediate plan to continue in the buy-sell of foreclosure properties.

The announcement said the voluntary liquidation of Palladio will not have any material impact on the net tangible assets or earnings per share of the Group for the financial year ending 31 December 2012.

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