Apple Fields suspended for late report

Orchardist-turned-property developer Apple Fields has again fallen foul of NZX regulations for the late filing of financial documents.

Apple Fields was suspended from trading on the stock exchange today for failing to issue NZX with its annual report for the year ending September 30.

The report should have been filed with the NZX by December 31.

Under stock exchange rules if a report has not been issued within five days of its due date, the stock will be suspended until the report has been issued.

This is not the first time tardiness has landed Apple Fields in trouble with the regulators. In June last year it narrowly avoided suspension from trading when it was late filing its results for the year ended March 31.

It was also late filing its annual report last January.

Apple Fields reported a $365,000 loss for the 2005 financial year, up from a $30,000 loss the previous year.

The company said the bigger loss was due to property development costs, costs related to a zoning case before the Environment Court and the payment of outstanding directors' fees.

Apple Fields last traded at 1.8c, having ranged between 1c and 4.5c over the past 12 months.

- NZPA