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IRG buys assets of Ellerie Cornwall

Investment Research Group (IRG), the company formerly known as Viking Capital, agreed to buy Tauranga-based investment adviser Ellerie Cornwall.

Friday, September 26th 2008, 11:51AM

by Jonathan Underhill

IRG sees "significant" synergies with Ellerie, said managing director Brent King, in a statement. No price was given.

IRG stock, which trades infrequently, changed hands at 5 cents today and has declined 75% this year. The company posted a full-year loss of NZ$15.2 million loss after a slump in the value of its investments in Dorchester Pacific investment and ICP Biotechnology, which was placed in receivership.

Last month, the company named former Finance Minister Bill Birch as chairman, taking over from King, who stayed on as managing director.

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