Archive | IRG

IRG continues path towards becoming listed shell

Published 6 September 2012

Investment Research Group Ltd has sold the Auckland advisory business of IRG Equity Investment Advisors Ltd to Forsyth Barr Ltd as it progresses towards becoming a listed shell.

IRG said in June it would sell its businesses and become a listed shell and had now sold most of IRG Equity.

Managing director Brent King said 2 of its investment advisors would transfer to Forsyth Barr and clients would be encouraged to transfer their account to Forsyth Barr. He said payments after the initial deposit would be based on performance. IRG will continue to operate the remains of IRG Equity Investment Advisors, MoneyOnline & its media products, using the remaining 3 advisors.

IRG’s 55% shareholder since May last year, GA Sego Ltd – a New Zealand-registered joint-venture company owned by Tim Munro-Keene & the Bugo family interests from Kuching in Sarawak – has agreed to advance $750,000 to IRG as a bridging loan. NZX granted IRG a waiver on Tuesday of the requirement to gain shareholder approval as this was a related-party transaction.

The refinancing is to enable IRG to repay part of the loan from its bank, which required its position to be enhanced before it would consider releasing assets held as security for the proposed sale. IRG chairman Marvin Yee said said the refinancing would give the company financial stability during the selldown.

IRG sold its Tauranga office last month to one of its investment advisors, Andrew Parkinson, who has renamed it Bay Financial Partners Ltd.

Earlier stories:

16 June 2011: NZX-listed IRG trades on despite negative equity

15 June 2011: IRG buys Sharechat website

11 May 2011: IRG shareholders approve handover to GA Sego

24 December 2010: IRG sells investment report business back to McEwen

15 September 2010: Latest count turns King’s IRG from profit to loss

Want to comment? Go to the forum.

 

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

Continue Reading

NZX-listed IRG trades on despite negative equity

Published 16 June 2011

Investment Research Group Ltd made a $1 million loss for the March year, an improvement on the $3.4 million loss the previous year.

Chairman Marvin Yee said yesterday the company had been in a restructure phase throughout the year and the result reflected the ongoing tough trading conditions and the restructuring. Managing director Brent King said: “We are now in a position where we can move forward positively. The injection of capital after the balance date has allowed us to purchase the business of the Sharechat website and we are currently working on further opportunities. “The involvement of GA Sego has been very positive for IRG and we welcome the contribution they have made in terms of capital, as well as their business skills & contacts. We are working on developing these relationships further.”

Despite the positive talk, IRG still has negative equity. On income for the year of $2.15 million ($2.36 million in 2010), it had total expenses of $3.27 million ($4.18 million). The 2010 loss reduced its equity to a negative $143,500 (restated). It’s taken in $856,000 of new equity in the year to March 2011, but that still left it with negative equity of $357,000. Earlier stories:

15 June 2011: IRG buys Sharechat website

11 May 2011: IRG shareholders approve handover to GA Sego

24 December 2010: IRG sells investment report business back to McEwen

15 September 2010: Latest count turns King’s IRG from profit to loss

Want to comment? Go to the forum.

 

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

Continue Reading

IRG buys Sharechat website

Published 14 June 2011

Investment Research Group Ltd has bought the Sharechat website from Tarawera Publishing Ltd (Philip Macalister).

Mr King said yesterday: “IRG has operated a number of individual websites and the purchase of Sharechat will enable the rationalisation of the 7 websites operated by IRG.” The purchase follows IRG’s recapitalisation in April by the $2 million investment from GA Sego Ltd, a New Zealand-registered joint-venture company owned by Tim Munro-Keene & the Bugo family interests from Malaysia. “These funds have allowed IRG to plan positively for the future and this is the first acquisition within its strategic plan,” Mr King said. Mr Macalister said he’d made a strategic decision to focus on the company’s core publishing areas which cover the financial services industry, interest rates & property investment through 3 magazines – NZ Property Investor, Asset and the NZ Mortgage Magazine. Earlier stories:

11 May 2011: IRG shareholders approve handover to GA Sego

24 December 2010: IRG sells investment report business back to McEwen

15 September 2010: Latest count turns King’s IRG from profit to loss

 

Want to comment? Go to the forum.

 

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

Continue Reading

IRG shareholders approve handover to GA Sego

Published 11 May 2011

Investment Research Group Ltd shareholders approved the placements on Friday that will give GA Sego Ltd control of the NZX-listed company. On Monday, GA Sego paid the $2 million for the main placement of 257 million shares at 0.79c/share.

GA Sego is a New Zealand-registered joint-venture company owned by Tim Munro-Keene & the Bugo family interests from Malaysia. IRG chairman Marvin Yee said yesterday the board would meet GA Sego representatives next week to discuss the way forward for IRG. Earlier stories:

12 April 2011: IRG starts sellout, but no shareholder approval date set

25 March 2011: Munro-Keene brings Malaysian investors in to take control of IRG

23 March 2011: IRG fined for listing breach

Want to comment? Go to the forum.

 

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

Continue Reading

IRG starts sellout, but no shareholder approval date set

Published 12 April 2011

IRG Ltd will be taken over in the next 3 weeks, according to statements the company has made to NZX, but the company has still not indicated when it will seek shareholder approval for the sale.

IRG said on 24 March it had entered into a conditional agreement to place 51% of its shares with GA Sego Ltd, a New Zealand-registered joint-venture company owned by Tim Munro-Keene & the Bugo family interests from Malaysia. Yesterday IRG said GA Sego had conditionally agreed to take a further placement of shares that would result in its holding increasing to 55%.

Managing director Brent King issued a notice yesterday saying new scrip amounting to 11.95% of IRG’s shares had been issued at 79c/share for a total payment of $220,000. The balance of the placement, also at 0.79c/share, will take GA Sego’s outlay for control of the penny dreadful to a total $1.13 million.

Mr King said the transaction was still conditional, but the parties had finalised the details. The deal requires approval of IRG’s bank & shareholders, and Mr King said it had target date for completion of Friday 29 April.

Former Finance Minister Sir Bill Birch resigned as IRG’s chairman and as a director on 31 March.

Earlier stories:

25 March 2011: Munro-Keene brings Malaysian investors in to take control of IRG

23 March 2011: IRG fined for listing breach

Want to comment? Go to the forum.

 

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

Continue Reading

Munro-Keene brings Malaysian investors in to take control of IRG

Published 25 March 2011

Investment Research Group Ltd said yesterday it had entered into a conditional agreement to place 51% of its shares with GA Sego Ltd, a New Zealand-registered joint-venture company owned by Tim Munro-Keene & the Bugo family interests from Malaysia. The subscription price is 1c/share, payable in cash – last sale was at 1.2c/share – and the shares are to be issued subject to satisfaction of certain conditions, but no later than Friday 29 April. The obligations of GA Sego are guaranteed by shareholders & directors Tan Sri Hamid “Tommy” Bugo of Kuching, Sarawak, & Mr Munro-Keene, Parnell. The agreement is conditional on:

due diligence (to be undertaken during the 6 days starting on the date after the agreement is signed, and if the due diligence discloses any material adverse information not in the public domain there’s to be an appropriate adjustment to the subscription priceapproval of IRG’s bankapproval of IRG’s shareholders in accordance with the Takeovers Code, andno material change relating to IRG arising between signing & the subscription date.

All the conditions apart from the due diligence condition are to be satisfied by Thursday 28 April.

IRG managing director Brent King said yesterday: “This is not expected to change the New Zealand businesses. IRG has offices in both Auckland & Tauranga, is a financial advisor & sharebroker and is the owner & publisher of the NZ Investor and NZ Yearbook.”

Tan Sri Hamid Bugo, 65, has an MA majoring in economics from Canterbury University, a PhD in commerce from Lincoln University and post-graduate qualifications from Harvard Institute of Development Studies in the US. He was state secretary of Sarawak from 1992-2000, is a member of the Malaysian Anti-Corruption Commission advisory committee and is a director of Sapura Crest Petroleum Bhd, Sime Darby Bhd & Zecon Bhd.

A release from GA Group on Monday indicated its joint venture with Sego would “reveal further joint & special purpose enterprise ventures” in the next few weeks.

For the past decade, Mr Munro-Keene was group chief executive for a China-focused non-bank financial institution – the AFG Trust boutique private banking group, headed by him & Bin Lu – and as a director was responsible for all strategic, regulatory, governance & marketing functions of the firm.

Mr Munro-Keene said last week GA Group would enter an expansion phase by setting up an Asian hub in Kuala Lumpur as a focal point for investment, capital growth and the continual development of diversified private equity portfolios.

"We remain committed to New Zealand’s standing as a world-class financial centre. Now, GA Group can lead the way in the development of some of the world’s most dynamic financial products throughout the Asia-Pacific region."

 

Earlier stories:

23 March 2011: IRG fined for listing breach

24 December 2010: IRG sells investment report business back to McEwen

15 September 2010: Latest count turns King’s IRG from profit to loss

22 June 2010: IRG shares suspended

12 August 2008: Viking becomes Investment Research Group

15 June 2008: Viking makes $15 million loss

17 May 2008: Viking secures Dorchester advisory businesses – and King pings old firm for poor deal

 

Want to comment? Go to the forum.

 

Attribution: IRG release, GA Group releases, Bugo profiles, story written by Bob Dey for the Bob Dey Property Report.

Continue Reading

Munro-Keene brings Malaysian investors in to take control of IRG

Published 25 March 2011

Investment Research Group Ltd said yesterday it had entered into a conditional agreement to place 51% of its shares with GA Sego Ltd, a New Zealand-registered joint-venture company owned by Tim Munro-Keene & the Bugo family interests from Malaysia. The subscription price is 1c/share, payable in cash – last sale was at 1.2c/share – and the shares are to be issued subject to satisfaction of certain conditions, but no later than Friday 29 April. The obligations of GA Sego are guaranteed by shareholders & directors Tan Sri Hamid “Tommy” Bugo of Kuching, Sarawak, & Mr Munro-Keene, Parnell. The agreement is conditional on:

due diligence (to be undertaken during the 6 days starting on the date after the agreement is signed, and if the due diligence discloses any material adverse information not in the public domain there’s to be an appropriate adjustment to the subscription priceapproval of IRG’s bankapproval of IRG’s shareholders in accordance with the Takeovers Code, andno material change relating to IRG arising between signing & the subscription date.

All the conditions apart from the due diligence condition are to be satisfied by Thursday 28 April.

IRG managing director Brent King said yesterday: “This is not expected to change the New Zealand businesses. IRG has offices in both Auckland & Tauranga, is a financial advisor & sharebroker and is the owner & publisher of the NZ Investor and NZ Yearbook.”

Tan Sri Hamid Bugo, 65, has an MA majoring in economics from Canterbury University, a PhD in commerce from Lincoln University and post-graduate qualifications from Harvard Institute of Development Studies in the US. He was state secretary of Sarawak from 1992-2000, is a member of the Malaysian Anti-Corruption Commission advisory committee and is a director of Sapura Crest Petroleum Bhd, Sime Darby Bhd & Zecon Bhd.

A release from GA Group on Monday indicated its joint venture with Sego would “reveal further joint & special purpose enterprise ventures” in the next few weeks.

For the past decade, Mr Munro-Keene was group chief executive for a China-focused non-bank financial institution – the AFG Trust boutique private banking group, headed by him & Bin Lu – and as a director was responsible for all strategic, regulatory, governance & marketing functions of the firm.

Mr Munro-Keene said last week GA Group would enter an expansion phase by setting up an Asian hub in Kuala Lumpur as a focal point for investment, capital growth and the continual development of diversified private equity portfolios.

"We remain committed to New Zealand’s standing as a world-class financial centre. Now, GA Group can lead the way in the development of some of the world’s most dynamic financial products throughout the Asia-Pacific region."

 

Earlier stories:

23 March 2011: IRG fined for listing breach

24 December 2010: IRG sells investment report business back to McEwen

15 September 2010: Latest count turns King’s IRG from profit to loss

22 June 2010: IRG shares suspended

12 August 2008: Viking becomes Investment Research Group

15 June 2008: Viking makes $15 million loss

17 May 2008: Viking secures Dorchester advisory businesses – and King pings old firm for poor deal

 

Want to comment? Go to the forum.

 

Attribution: IRG release, GA Group releases, Bugo profiles, story written by Bob Dey for the Bob Dey Property Report.

Continue Reading

IRG fined for listing breach

Published 23 March 2011

NZX has censured IRG Ltd – the small listed company chaired by former finance minister Sir Bill Birch – and fined it $25,000 plus payment of the full costs of the NZX & its markets disciplinary tribunal for reporting failures.

The tribunal said that fine might be considered lenient – it has imposed fines up to $65,000 before and the maximum is $250,000 – and warned listed entities: “More lenient penalties sought & imposed in the past may be proving insufficient to deter this sort of offending. Future offenders should not expect their conduct to be viewed by the tribunal through a similarly lenient lens.”

The tribunal found IRG acted in breach of NZAX listing rules 10.4.1 & 10.5.1. by failing to file its full-year preliminary announcement within 75 days of the end of its financial year and failing to file & distribute its annual report within 4 months of the end of its financial year.

Want to comment? Go to the forum.

 

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

Continue Reading

NZX keeps mum about IRG waiver over Christmas

Published 30 December 2010

NZX Market Supervision has granted Investment Research Group Ltd a waiver from the requirement to get shareholder approval for its sale of the McEwen Investment Report back to former owner David McEwen.

The NZX released the details of Investment Research Group’s sale announcement on Christmas Eve but withheld announcement of the company’s request for waiver & confidentiality until today. Confidentiality was sought only until the agreement was signed & announced to the market – in other words, until Christmas Eve.

While the waiver was granted, NZX Market Supervision disagreed with some of the company’s reasoning, particularly the assertion that the $225,000 sale (payable over 4 years) “is only a material transaction because of the deterioration in IRG’s financial position and the resultant impact on its share price, and in such circumstances it would be an unreasonable restriction on IRG’s ability to realise assets to require shareholder approval”.

The company said its market capitalisation at 7 December was $1,064,677, making this deal (albeit a time payment) equal to 21% of market capitalisation. The values of both IRG & the asset being sold back to Mr McEwen have slumped since IRG bought the investment report & other assets from Mr McEwen & his business partner in March 2007.

NZX Market Supervision said it accepted Mr McEwen didn’t instigate the transaction and that it had been negotiated & entered into on an arm’s length & commercial basis, that Mr McEwen was the logical buyer and that sale to anybody else wouldn’t be at a better price. Earlier stories:

24 December 2010: IRG sells investment report business back to McEwen

15 September 2010: Latest count turns King’s IRG from profit to loss

22 June 2010: IRG shares suspended

12 August 2008: Viking becomes Investment Research Group

15 June 2008: Viking makes $15 million loss

17 May 2008: Viking secures Dorchester advisory businesses – and King pings old firm for poor deal

Want to comment? Go to the forum.

 

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

Continue Reading

IRG sells investment report business back to McEwen

Published 24 December 2010

Investment Research Group Ltd has sold the masthead & business of the McEwen Investment Report and a number of private clients back to David McEwen for $225,000 payable over 4 years.

Mr McEwen & Peter Saunders sold their business to listed company Brent King-controlled Viking Capital Ltd in March 2007, when their business was called Investment Research Group Ltd. Viking took on the name Investment Research Group in August 2008, and what had become its subsidiary became IRG Portfolio Ltd. Managing director Mr King said on Wednesday: “Both assets had previously been purchased from David or parties associated with him. They formed part of a purchase of a number of assets, including the data business, which was subsequently sold to NZX. “We announced at the annual meeting that we are considering the value of all assets to IRG. We will retain only those that we believe are scalable. We have stated that the costs of a public listed company are considerable and the assets held must be able to produce the revenue to bear those costs.”

As Mr McEwen was a senior executive and a former director of a subsidiary company, the NZAX rules required IRG to apply for a waiver from NZX to allow for a sale without the requirement to gain shareholder approval. This has been granted. Mr McEwen has resigned all roles & responsibilities at IRG, but may undertake research, analysis & writing as agreed from time to time.

The IRG Group made a $2.24 million loss in the year to March ($3.94 million loss in 2009), and its shares last traded at 0.6 of a cent, making Mr McEwen’s 1,426,025 shares in the company worth $8556.15.

Mr McEwen’s McEwen & Co Ltd sold its 10,000 shares in the former Investment Research Group Ltd to Viking in March 2007. According to the listed company’s September 2008 interim report, the data business within the original IRG was sold to NZX during March 2007 for $1.43 million (with a profit on sale of $281,762). The goodwill of the investment in IRG was $1,441,949 (being the $2,545,870 paid less the assets sold of $1,103,921).

Earlier stories:

15 September 2010: Latest count turns King’s IRG from profit to loss

22 June 2010: IRG shares suspended

12 August 2008: Viking becomes Investment Research Group

15 June 2008: Viking makes $15 million loss

17 May 2008: Viking secures Dorchester advisory businesses – and King pings old firm for poor deal

Want to comment? Go to the forum.

 

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

Continue Reading
WordPress Appliance - Powered by TurnKey Linux