Commission warns against offer by electricity generator

Wednesday 8th December 2010

The Securities Commission is warning people of an illegal share offer by Ira NRG NZ Ltd (INNL), a company which says it has plans to generate electricity and sell it to the national grid.

The commission has banned the company's website and the content of the website has been removed.

"The public offer of shares by INNL is illegal as there is no prospectus. Any purported allotment of shares to investors would be void and of no effect. People should not invest in this company until it complies with the requirements of the Securities Act 1978," said commission chairwoman Jane Diplock.

INNL's sole director is Simon Romana.

Mr Romana has had media coverage in the past in the United States for a machine which converts rubbish to electricity.

NZPA

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