Investment Research Group has sold most of its investment advisory company to Forsyth Barr.
IRG owns three companies - IRG BOP, IRG Equity Investment Advisors, and IRG Media, which runs the Sharechat website.
In June it announced it would sell its assets, but retain a listed shell company.
IRG said two of its investment advisors will be transferred to Forsyth Barr and it is encouraging its clients to tranfer their accounts to the stock broker as well.
IRG will continue to operate the rest of its three companies and major shareholder, GA Sego, has agreed to advance $750,000 as a bridging loan.
IRG says this will mean it has financial stability through the sale process and the NZX has granted it a waiver to gain shareholder approval on the matter as it is a related party transaction.
The company expects to make further announcements at its general meeting in about six weeks.
