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IRG advising second company on potential NZ listing

Tuesday 6th March 2012

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Investment Research Group says it has signed a contract to advise another company that may list on the NZX, following the listing of Malaysian internet service provider Mykris in January.

The details of the listing will be released in about four weeks, managing director Brent King said in a statement.

“There are a number of issues to be completed before there is certainty, however we are confident it will proceed,” King said. “The process is likely to follow the previous model of IRG shareholders receiving shares in the new company.”

Mykris listed on the NZAX at 25 cents apiece in January and has traded as high as 37 cents. It was last at 30 cents, valuing the company at about $18 million. IRG shareholders received about $480,000 worth of the shares.

IRG shares last traded at 0.8 cents, giving it a market value of $4.1 million.

Chairman Marvin Yee said IRG is still mulling growth opportunities, having previously said it must become “significantly larger to justify the overhead costs of a listed company.”

“We are actively looking for growth opportunities and we will advise the market if and when there is progress to a point of a conditional agreement,” he said.

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