Viking Capital Acquires Investment Research Group

Viking Capital Acquires Investment Research Group

NZAX-listed investment company Viking Capital Ltd has conditionally agreed (subject to final due diligence) to acquire all the shares in privately-owned Investment Research Group Ltd (IRG).

The purchase price is $2.5m, to be settled by a cash payment of $1.5m and Viking issuing $1 million dollars worth of its shares at a 10% discount to the volume weighted average price of the 30 days before settlement, scheduled for next week.

IRG's roots go back to 1963, when Peter Saunders founded Investment Research Unit, a company that focused on providing share market data. In 1983, the company became Datex Services Ltd and grew to become New Zealand's largest provider of investment information through a variety of media including books, CD Roms and the Internet.

In October 2002, Datex merged with investment advisors McEwen & Company Ltd to form IRG, servicing a nationwide and international client base from offices in Wellington and Auckland.

Today it manages New Zealand's most extensive financial database about listed

companies and analyses this information to give investors independent investment advice or manage share portfolios on their behalf.

Viking Capital Managing Director Brent King said: "Viking's mandate is to seek out attractive investment opportunities and we believe IRG, with its 44-year track record of success and excellent growth potential in research and portfolio management services, is one of those opportunities".

IRG Managing Director David McEwen said: "Portfolio management is the fastest growing part of our business, thanks to our independent viewpoint, results-based fees and attractive returns to date. We can grow this business and add greater value for clients by joining forces with Viking, which is well resourced and whose directors have an excellent track record in creating wealth.

All IRG staff will be retained except for company founder, Peter Saunders, who is to retire.

Another mission accomplished… talk soon.

ENDS

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