Shares in Pyne Gould Corp were suspended from trading yesterday, after the company failed to meet a deadline on filing its annual report to the New Zealand stock exchange.
Pyne Gould had been given a final warning five days earlier and yesterday the NZX suspended trading because the company had not lodged its annual report. The shares last traded at 38c.
On Wednesday, Pyne's managing director George Kerr said the company expected to release its final audited full-year accounts and annual report by the middle of October, as had been advised to the market last week.
He said Pyne's was unable to file its annual report and final audited full-year accounts because of a delay in the completion of the audit relating to one of the Torchlight Fund's larger property investments not being completed.
''Every effort is being made to prepare the accounts for their final release,'' Mr Kerr said in a statement.''
''We apologise again to the market and shareholders for the delay and any inconvenience,'' he said.
In August, the company said net profit fell to $20.1 million in the 12 months ended June 30 from $45.2 million a year earlier, in line with its forecast, BusinessDesk reported.
Pyne Gould was looking to oust the board of Equity Partners Infrastructure Co No 1 Ltd, in which it holds a 27% stake and used to manage.
A special meeting is scheduled for October 23 in Auckland.
