IRG shares suspended, fined and censured over breaches
NZAX-listed company Investment Research Group (IRG) has been fined and censured by the stock exchange operator for the late release of its annual result and report last year.
NZAX-listed company Investment Research Group (IRG) has been fined 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.
Shares in IRG, which admitted the breaches, were suspended for four months until October 14. The company appointed a new financial controller in July, but did not give much detail about the breaches or apply for a waiver to listing rules, NZX said.
On releasing its results, IRG said that calculating write-downs under international financial reporting standards in a recession had been complex and time-consuming.
IRG told NZX that it had limited financial resources, and directors had spent considerable time and energy resolving the problems.
NZX's disciplinary tribunal ordered IRG to pay a penalty of $25,000 and costs, and publicly censured the company for breaching listing rules.
Shares in the investment and financial services company, formerly Viking Capital, last traded on Friday at 1.2c.
NZPA
Wed, 23 Mar 2011
Wed, 23 Mar 2011
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IRG shares suspended, fined and censured over breaches
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