8 December 2010
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.
Contact Rebecca Barclay 04 471 76666
Today the Securities Commission presented their Annual Report to the House.
The report can be read online and/or downloaded as a pdf file here >>>
The Securities Commission warns people who have been invited to invest in Inertialess Drive ZPE 2010 Limited that its share offer is illegal.The Securities Commission has banned a document offering shares in Inertialess Drive ZPE 2010 Limited. The offer is illegal because no prospectus has been registered, and there is no investment statement.The company is based in Mount Maunganui and Ken Pedlar is its sole director and shareholder.”In New Zealand, most offers of investments must have a registered prospectus and an investment statement,” the Commission’s Chairman Jane Diplock says. “These documents are important to allow people to make an informed decision about investing.”The Commission understands that offer documents were sent to people who responded to advertisements by the company in the Bay of Plenty Times in December 2009.The Commission warns people about buying securities that do not have the required offer documents.”Under New Zealand law anyone who has subscribed for securities in offers that are illegal is entitled to have their money refunded,” Jane Diplock says.The Commission had previously, in 1998, banned advertising for shares by Inertialess Drive Technologies 1995 Limited now liquidated because there was no registered prospectus. In 2000 the Commission also banned advertising for shares in Inertialess Drive Corporation Limited for the same reason. Mr Pedlar was involved in both these companies. The advertisements in the Bay of Plenty Times are targeted at former shareholders of these companies.
EndsContact: Poly Banerjee 04 471 7666
via Securities Commission Release: WARNING: Illegal Share Offer – Inertialess Drive ZPE 2010 Limited.