Investment Research Group Limited
Transaction Type: Company meeting (Allotment)
Allottee: Snowdon Peak Investments Limited
Independent Adviser(s): Doubtless Strategic Limited (Rule 18)
Date of meeting: 7/12/2010
At an annual meeting of shareholders held on 7 December 2010, shareholders of Investment Research Group Limited (IRG) were asked to approve the allotment of 57,725,747 ordinary shares in IRG to Snowdon Peak Investments Limited (Snowdon Peak) at an issue price of $0.009 per share.
The allotment was in consideration for outstanding loans from Snowdon Peak to IRG totalling $519,531.72. Shareholder approval was required for the allotment because Snowdon Peak and its associates held or controlled 24.57% of the voting rights in IRG prior to the allotment, and would hold or control 45.32% of the voting rights after the allotment.
At the annual meeting on 7 December 2010, shareholders approved the allotment.
Doubtless Strategic Limited prepared a rule 18 independent adviser’s report on the merits of the allotment.