Illegal Share offer by IRA NRG NZ Limited (INNL)
8 December 2010
Warning: Illegal Share offer by IRA NRG NZ Limited (INNL)
The Securities Commission warns people of an illegal share offer by Ira NRG NZ Limited (INNL) and its sole director Simon Romana. The Commission has banned the company’s website and the content of the website has been removed. There is no registered prospectus for the offer.
The website of INNL described INNL’s plans to generate electricity and sell it to the national grid. The website included claims of future income that are not substantiated on the website. There were no assumptions disclosed relating to the prospective financial information as required by law.
"The public offer of shares by INNL is illegal as there is no prospectus. Any purported allotment of shares to investors would be void and of no effect. People should not invest in this company until it complies with the requirements of the Securities Act 1978" said Securities Commission Chairman, Jane Diplock.
INNL was incorporated in March 2010.