RetailX suspended by stock exchange

Troubled NZAX listed company RetailX was today suspended by New Zealand Exchange for failing to file its half yearly report.

NZX Regulation said RetailX had not issued its half year report for the period ending September 30. The report was due by January 31 and had to be issued within five business days of that to avoid suspension.

"Accordingly trading in RTX securities is suspended effective immediately today," NZX said in a statement.

RetailX's problems began when The Building Depot, a nationwide chain of DIY stores owned by Christchurch businessman Mark Taylor, was put into receivership with debts of more than $8 million in September.

The problems spilled over to RetailX, which was controlled by Mr Taylor and was paid management fees by The Building Depot.

Last month an investor, Christchurch businessman Brett Wilkinson, agreed to pump $30,000 into RetailX to keep the retail management business alive provided certain conditions were met. He agreed to pay 5c a share for 600,000 shares.

There is speculation the subscription may be a precursor to a full takeover company and a backdoor listing.

Creditors have gone to the High Court to get RetailX wound up but the proceedings have been adjourned until February 14.

RetailX's shares were untraded today and last traded at 6c.

- NZPA