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Investment Research Group buys assets of Ellerie Cornwall

Friday 26th September 2008

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Investment Research Group, the company formerly known as Viking Capital, agreed to buy Tauranga-based investment adviser Ellerie Cornwall.

IRG sees "significant" synergies with Ellerie, said managing director Brent King, in a statement. No price was given.

IRG stock, which trades infrequently, changed hands at 5 cents today and has declined 75% this year. The company posted a full-year loss of NZ$15.2 million loss after a slump in the value of its investments in Dorchester Pacific investment and ICP Biotechnology, which was placed in receivership.

Last month, the company named former Finance Minister Bill Birch as chairman, taking over from King, who stayed on as managing director.

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By Jonathan Underhill

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