Sharechat Logo

IRG completes share placement talks

Monday 11th April 2011

Text too small?

Investment Research Group (IRG) has announced the company has finalised details of a share placement with GA Sego.

"We are very pleased to announce the completion of negotiations and that IRG and GA Sego have agreed on final terms," IRG's managing director Brent King said.

While the details of the transaction have been settled the deal is still conditional on approval of a number of issues, including the approval of the company's bank and shareholders.

"It has been a very trying time for the company and the infusion of skills and capital will give the company a positive future," King said.

"We are looking forward to working with GA Sego."

Under the terms of the deal, IRG is to immediately place shares with GA Sego and as a result GA Sego will then hold 10.68% of IRG's shares on issue.

The placement price is 0.79 cents per share payable in cash.

GA Sego has conditionally agreed to take a further placement of shares that will result in its holding increasing to 55% of IRG's shares on issue.

The further placement is also to be at 0.79 cents per share, payable in cash, and the shares are to be issued subject to satisfaction of certain conditions.

The obligations of GA Sego are guaranteed by Tan Sri Hamid Bugo and Tim Munro-Keene.



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

New Zealand Rural Land Company Limited (NZX: NZL) Agreement to acquire large scale dairy asset portfolio
EROAD Limited (NZX: ERD) launches Clarity Solo Dashcam
22nd October 2021 Morning Report
Pictor ready to roll out game-changing COVID antibody test in New Zealand
Scott Technology Limited (NZX: SCT) Announces FY21 Results
21st October 2021 Morning Report
Greenfern Industries Limited (NZX: GFI) L&Q Notice
TruScreen Group Limited (NZX: TRU) Clinical Trial Results Highlight Efficacy of TRU Technology
20th October 2021 Morning Report
Freightways Limited (NZX: FRE) Acquisition of ProducePronto