Brent King, Managing Director of Investment Research Group Ltd., completed the acquisition of substantially all assets of Investment Research Group Ltd. from Investment Research Group Limited.
January 13, 2013 at 11:00 pm
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Brent King, Managing Director of Investment Research Group Ltd., signed an agreement to acquire substantially all assets of Investment Research Group Ltd. from Investment Research Group Ltd. for NZD 0.15 million on September 28, 2012. The purchase price will be payable as a deposit of NZD 0.02 million on signing of the agreement, the liability for online research subscription paid in advance of NZD 0.01 million will be transferred to Brent King, a further payment of NZD 0.12 million within 5 business days of the agreement becoming unconditional and full and final settlement of amounts owing to Brent King in respect of the employment contract and associated matters amounting to NZD 0.22 million.
The assets to be acquired includes Moneyonline Ltd which includes clients excluded from the sale to Forsyth Barr, the transactional business of Investment Research Group Equity Investment Advisors Ltd, media products including the IRG Investment Yearbook, the Sharechat website and other websites owned by Investment Research Group, furniture and fittings, office equipment, computer equipment and sundry stock and assets. It also includes 2.25 million Mykris Ltd warrants, company names - Investment Research Group Ltd, IRG Equity Investment Advisers Ltd, Equity Investment Advisors and Sharebrokers Ltd and IRG Portfolio Ltd. Brent King will no longer hold the position of Managing Director; however will remain as a Non Executive Director of Investment Research Group. The transaction is subject to approval of shareholders of Investment Research. As on November 21, 2012, the transaction has been approved by the shareholders of Investment Research. Under the contract for the sale, Investment Research Group Ltd will change its name to Vetilot Limited effective January 14, 2013. The new trading code will be VET. Strategi Limited acted as an independent valuer for the deal.
Brent King, Managing Director of Investment Research Group Ltd., completed the acquisition of substantially all assets of Investment Research Group Ltd. from Investment Research Group Limited (NZSE:IRG) on January 14, 2013. Investment Research Group will now operate as Vetilot Ltd. Marvin Yee will join the Board as Chairman of the new Investment Research Group as well as becoming a shareholder.
AFC Group Holdings Limited is a New Zealand-based company, which produces, manufactures and purchases food, health, and cosmetic products for distribution in New Zealand and the Chinese markets. The Company operates through three segments: International Marketing and Distribution, Vineyard and Winery and Manufacturing. Its vineyard and winery segment operates through its subsidiary, AFC Longview Limited. Vineyard and winery based in Whangarei which produces and sells a number of varietals and blends of wine. Its Manufacturing segment operates through its subsidiary, AFC Biotechnology Manufacture Co Limited, which manufactures cosmetic face masks. Its other subsidiaries include AFC International Trading Group Limited, National Dairy Group Limited, AFC GoGlobal Ecommerce Limited, and AFC Education Investment Limited. National Dairy Group Limited (NDG) owns the Morning brand plus other brands. Its products are sold across New Zealand, Australia and China.
Brent King, Managing Director of Investment Research Group Ltd., completed the acquisition of substantially all assets of Investment Research Group Ltd. from Investment Research Group Limited.