Monday 11th April 2011
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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.
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