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Hot Topic EARNINGS
Hot Topic EARNINGS
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IRG posts net loss, breaches banking convenants

Investment Research Group (IRG) has breached its banking covenants, today reporting an unaudited estimated net loss of before tax from operations of approximately $890,000.This compares to the previously advised figure of a $175,000 profit and leaves Bren

NBR staff
Mon, 13 Sep 2010

Investment Research Group (IRG) has breached its banking covenants, today reporting an unaudited estimated net loss of before tax from operations of approximately $890,000.

This compares to the previously advised figure of a $175,000 profit and leaves Brent King, the company’s largest shareholder, continuing to “provide support in the form of advances to the company totalling $440,776.”

The company said the result reduction arose from a writedown of the carrying value of various databases and goodwill in accordance with IFRS and other year-end adjustments.


In a notice to the NZX, IRG said it was expecting the auditors to qualify their audit report on the carrying values of some assets and their final opinion will be determined upon outcome of the discussions being held with the bank and the director's assessment of bank and shareholder support.

The stock market minnow was suspended from the NZAX in June after failing to file its full-year result on time.

NBR staff
Mon, 13 Sep 2010
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IRG posts net loss, breaches banking convenants
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