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Investment Research Group (IRG), recently fined and censured by the NZX for late filing of its accounts last year, has bought the Sharechat website and associated components from Philip Macalister’s Tarawera Publishing.
IRG did not disclose the price paid in a stock exchange announcement this morning but said a recent investment from GA Sego had provided funds for IRG’s growth plan.
IRG managing director Brent King said the purchase of sharechat would enable the rationalisation of the seven websites operated by IRG.
He said Sharechat was a popular website which would increase traffic volumes to the IRG group.
Tarawera Publishing managing director Philip Macalister said a strategic decision had been made to focus on the company's core publishing areas, which covered the financial services industry, interest rates and property investment.
IRG has a media division which includes New Zealand Investor and Online Research as well as regular newsletters.
In March IRG was fined $25,000 and censured by the stock exchange operator for the late release of its annual result and report last year.
IRG did not file its financial result until mid-October, four months after the deadline for its March 31 balance date. The annual report was also released in October, three months late.
At the time IRG told NZX that it had limited financial resources and that calculating write-downs under international financial reporting standards in a recession had been complex and time-consuming.
Since then IRG has recapitalised with funds from GA Sego, a vehicle for Malaysian businessmen Hamid bin Bugo and Rewi Hamid Bugo, and Auckland-based GA Group.