AFC Group Holdings Limited Analysis

Overview

The company originally listed on the NZAX as Viking Capital in June 2006. Viking Capital offered 60m shares at 25c plus 1 warrant per 6 shares and was founded by businessman Brent King to take advantage of what he saw as investment opportunities arising from "significant economic change" anticipated for the New Zealand economy.

In March 2007, the company acquired Investment Research Group (IRG) for $2.5m in cash and shares.

As announced in the 2012 Annual Report, IRG advised the market their intention to sell the business of IRG and leave the company listed as a shell. The Directors, together with the major shareholder will actively seek a new business to acquire.

MyKris Limited was listed in 2012, which gave shareholders value as they each received shares in MyKris Limited.

In April 2007, the company sold the data division of IRG to the New Zealand Stock Exchange for $1.4m.

In August 2007, the company increased its stake in ICP Biotechnology to approximately 19%, by exercising its rights entitlement during the ICP Biotechnology rights issue.

In May 2008 ICP Biotechnology went into voluntary administration but a receiver was appointed a few days later. In the same month, Viking subsidiary IRG, acquired Equity Investment Advisors and Sharebrokers and MoneyOnLine, expanding its existing business media and funds management operations.

In August 2008 Viking Capital (VIK) announced that it would change its name to Investment Research Group (IRG) to more accurately reflect the nature of its business, and this change was effective from 25 August 2008.

In October 2008, IRG issued warrants for the purpose of capital reconstruction for the years 2008, 2009 and 2011. These warrants were to be traded and subscribed under the tickers IRGWB, IRGWC & IRGWD. Currently, IRD have 8,312,780 IRGWC warrants trading, which have a maturity date at 15 Dec 2009 and 27,709,268 IRGWD warrants trading, which have a maturity date of 30 Jun 2011.

On 19th May 2009, IRG announced that it had agreed to sell one of its businesses, an Auckland based funds management business (the FUM Business), to Macrocarpa Holdings Limited, a subsidiary of The Business Bakery LP, for $500,000 payable in cash.

'Under the contract for the sale of the residual assets to Mr King IRG is obliged to change its name. The new name is Vetilot Limited and is a holding name. Once an attractive business is identified we anticipate that the name will be changed again. The name of the subsidiary companies will also be changed to reflect the new name'.

Currently, Vetilot Limited provides media, investment advisory, sharebroking and funds under management services, and the company also has a shareholding in Dorchester Pacific.

On 3 July 2015, the company changed its name to Australasian Food Corporation Limited (AFC).

On 20 September 2016, the company changed its name to AFC Group Holdings Limited (AFC).

Performance

The following information was extracted from AFC Group Holdings Limited's full year results, released on 2 June 2026:

For the year ended 31 March 2026, AFC Group reported an operating revenue of NZ$161,285. This represents a decrease from the prior financial year's operating revenue of NZ$637,304. This deterioration was primarily attributed to declining sales. As a result, the Company produced a net loss of NZ$818,092 for the year.

Despite the loss, the Group has secured critical financial stability. The Group holds significant unencumbered property assets, including three residential units at the Longview vineyard, providing access to low-rate debt financing if needed. Furthermore, the Group obtained deferred payment terms for related-party payables totalling $1,170,427.17, which follows a $500,000 unconditional forgiveness of a related-party loan, thereby improving short-term liquidity.

As at 31 March 2026, the unaudited net assets were NZ$206,390. Cash and cash equivalents stood at NZ$39,437. Fixed assets in the form of property, plant, and equipment totalled NZ$1,463,053.