IRG announces conditional agreement on share placing

Thursday 24th March 2011

Investment Research Group (IRG) has announced it has entered into a conditional agreement with GA Sego, a New Zealand registered company, to place 51% of the shares on issue following the allotment.

The subscription price is one cent per share, payable in cash, and the shares are to be issued subject to satisfaction of certain conditions, but no later than April 29, 2011.

The agreement is conditional upon due diligence, approval of IRG's bank, approval of IRG's shareholders in accordance with the Takeover Code and no material change relating to IRG arising between signing and the subscription date.

"This is not expected to change the New Zealand businesses," said IRG managing director Brent King.

"IRG has offices in both Auckland and Tauranga. IRG is a financial advisor and sharebroker and is the owner and publisher of the New Zealand Investor and New Zealand Yearbook."

If the contract becomes unconditional and subsequently settles the parties are expecting a growth in the business due to capital introduced and the growth is expected to be offshore.

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