Shell company Indian Restaurants Group intends to look for financial services acquisitions in south east Asia and it is changing its name to Hermes Pacific Investments.
John Morton, the boss of IFA European Wealth Management (EWA), is joining the board as a non-executive director. AIM-quoted Kingswalk Investments Ltd acquired 33.3% of EWA earlier this year. Morton and fellow new non-executive director john Berry are both directors of Hermes Capital UK Ltd. Former STM Group director Matt Wood is also joining the IRG board.
At 2.25p a share, IRG is valued at £420,000. A further £320,000 is being raised at 1p a share. Hermes Group Assets is acquiring a 27.6% stake, Audley Registrars 14.8% and Marglaw Secretarial Services 12.8%. Four directors, the three new ones and Haresh Kanabar are each acquiring 1m shares.
The company’s restaurant business was sold for £200,000 in September 2011.
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