Archive | Prospectuses

Commission warns about Ira NRG share offer

Published 10 December 2010

The Securities Commission issued a warning on Thursday about an illegal share offer by Ira NRG NZ Ltd & its sole director, Simon Romana. The commission has banned the company’s website and the content of the website has been removed. There’s no registered prospectus for the offer.

Commission chairman Jane Diplock said the website described the company’s plans to generate electricity and sell it to the national grid. It included claims of future income that weren’t substantiated on the website, and there were no assumptions disclosed relating to the prospective financial information, as required by law.

"Any purported allotment of shares to investors would be void and of no effect.  People should not invest in this company until it complies with the requirements of the Securities Act."

Mr Romana, of Mangakahia, Northland, incorporated this company on 1 March and Ira NRG Te Kete Ltd on 11 June. The Companies Register shows it has 246 shareholders, mostly around New Zealand but a few overseas. The separately owned Ira NRG Eastern Central Ltd was incorporated on 13 September by 2 Gisborne-based directors.

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Attribution: Commission release, story written by Bob Dey for the Bob Dey Property Report.

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Listed trusts want equal prospectus footing with companies

Published 22 June 2009

The Property Council is negotiating with the Ministry of Economic Development to ensure that the proposed simplified prospectus regime is amended to provide for listed unit trusts.

 

Property Council executive director Connal Townsend said on Friday the trusts believed they should be treated consistently with listed companies under the Securities Disclosure (Simplified Disclosure Prospectus) Amendment Regulations.

 

Mr Townsend said the Capital Markets Taskforce and the Securities Commission had endorsed that sentiment.

 

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Attribution: Property Council, story written by Bob Dey for the Bob Dey Property Report.

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