Investment Research Group, the NZAX-listed financial advisory and media company, has sold its Tauranga office to one of its investment advisers for an undisclosed sum.
Andrew Parkinson will pay IRG cash for the sale of Investment Research Group (BOP), at a price which is "approximately 15 percent above its book value," the company said in a statement. The company's name will be changed to BOP Financial Partners.
"The office is perfect for a locally-owned business," said Brent King, managing director at IRG. "Under IRG ownership we had not been able to increase the size to contribute to the costs of a listed company."
In June, IRG reported a wider full-year loss on rising compliance costs and accounting adjustments. The loss was $1.14 million in the 12 months ended March 31, from a loss of $1.02 million a year earlier.
Shares in the Auckland-based company last traded at 0.003 cents. The stock has shed about 50 percent so far this year.