Regulator bans Ira NRG investment statement

Regulator bans Ira NRG investment statement

By Paul McBeth

Dec. 17 (BusinessDesk) – The Securities Commission has banned Ira NRG NZ Ltd.’s investment statement, quashing the illegal sale of any shares in the company.

Chairman Jane Diplock said the public offer of shares was illegal as no prospectus was lodged. That follows last week’s ban on INNL’s website, which was advertising its bid to raise money from the public.

“Any purported allotment of shares to investors would be void and of no effect,” Diplock said in a statement. “People should not invest in this company until it complies with the requirements of the Securities Act 1978.”

The company was registered in March and wanted to tap public funds to build a gasification plant in New Zealand to generate electricity. It has 246 shareholders in New Zealand, Australia and the U.S., most holding parcels in the millions of shares.

INNL’s sole director is Simon Romana, who appears on internet sites as the owner and founder of a Winnipeg, Canada-based company offering a new gasification technology, which spent some time in dispute earlier this decade with a New Zealand gasification system inventor.

(BusinessDesk)

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