Windflow Technology's shares have been taken off suspension and resumed trading on the New Zealand stock exchange after the wind turbine manufacturer lodged its overdue annual report.
Windflow and separately listed turbine-buyer and windfarm developer New Zealand Windfarms are in a stoush over a more than $3.5 million payment outstanding on an order for 32 turbines.
Both dispute the payment because of European certification requirements, and the issue could yet end up in the High Court.
Windflow chief executive Geoff Henderson said in a statement to the markets yesterday "the achievements of the previous 12 months have been hard fought and have created shareholder value that unfortunately seems to have been undermined or eclipsed by the recent upset in relations with our key customer [Windfarms]".
Shares in Windflow were trading around $1.20 unchanged yesterday, but on higher than usual volumes of almost 50,000 shares, while Windfarms shares appeared similarly unaffected, trading steadily around 42c.
Craigs Investments Partners broker Peter McIntyre said the dispute between the pair appeared not to have affected shareholder sentiment, noting the majority 20% shareholder of Windfarms was top-10 listed company Vector while state-owned enterprise Mighty River Power was Windflow's majority 20% shareholder.
Windfarms spun off Windflow in a float in October 2005 and had since become co-dependent.
Mr Henderson said he was "confident" the European certification issue with Windfarms could be overcome.
