IRG sells Tauranga office for undisclosed sum
Andrew Parkinson will pay cash for Investment Research Group (BOP) at a price "approximately 15% above its book value".
BUSINESSDESK: Investment Research Group, the NZAX-listed financial advisory and media company, has sold its Tauranga office to one of its investment advisers for an undisclosed sum.
Andrew Parkinson will pay IRG cash for Investment Research Group (BOP) at a price "approximately 15% above its book value", the company says. The name will be changed to BOP Financial Partners.
"The office is perfect for a locally-owned business," said Brent King, managing director at IRG. "Under IRG ownership we had not been able to increase the size to contribute to the costs of a listed company."
In June, IRG reported a wider full-year loss on rising compliance costs and accounting adjustments. The loss was $1.14 million in the 12 months ended March 31, from a loss of $1.02 million a year earlier.
Shares in the Auckland-based company last traded at $0.0030. The stock has shed about 50% so far this year.
Hannah Lynch
Thu, 09 Aug 2012
Thu, 09 Aug 2012
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IRG sells Tauranga office for undisclosed sum
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