Tuesday 12th June 2012
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Investment Research Group, a financial advisory and media company, plans to sell its assets and retain its shell as a listed entity after reviewing its business options.
Auckland-based IRG said its 55 percent-owner, GA Sego, will "provide assistance to the company during this process." GA Sego, which is owned by Malaysian businessmen Hamid bin Bugo and Rewi Hamid Bugo, and Timothy Keene's Auckland-based GA Group, provided financial support via a share placement last year.
"The trading businesses are sound and are operating with positive cash flows," said managing director Brent King. "However, the issues are about the burden of the overheads."
King said he is considering "whether I will bid for all, some or none of IRG's assets and I will advise accordingly."
IRG has three operating businesses - IRG Media, which publishes NZ Investor Monthly, IRG year Book, Investors Alert and runs websites including Sharechat, which it acquired last year, and Moneyonline. Its IRG Investment Advisors unit offers brokerage and advisory services and its IRG BOP unit is the Tauranga-based advisory service formerly known as Ellerie Cornwall.
This year IRG assisted Malaysian internet service provider Mykris to list on the NZAX and the company had said other listings may eventuate.
IRG chairman Marvin Yee said the company is taking advice on how best to sell its assets.
Shares of IRG last traded at 0.3 cent each, valuing the company at $1.56 million, and have dropped 50 percent this year. Mykris last traded at 18 cents, giving it a market capitalisation of $10.8 million. They listed on. The company listed on the NZAX on Jan. 10, having been issued at 25 cents apiece.
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