Trading in PRG shares suspended

The New Zealand sharemarket today suspended trading of shares in PRG Group following the late filing of its annual report.

The report - for the year to March 31 - was due to be issued on June 30.

PRG Group accepted on July 4 its shares would be suspended.

On May 30, PRG Group released unaudited financial results for the year to March 31 and said it expected audited results by June 30.

However, in June it said there would be further delays in getting the result audited.

It said that was due to a delay getting an audit of its former Finance Group, which has been sold to GE Finance for $145 million.

PRG had sought a waiver from NZX Regulation to avoid suspension, but NZX declined the application.

"Accordingly trading in PRG securities is suspended effective from the commencement of trading today, 10 July, 2006," the NZX said in a statement today.

PRG lost $13.1m in the March year, mainly due to the continued poor performance of British electrical goods chain PowerHouse.

PRG shares last traded at $1.55 -- one cent above their lowest level in more than five years and half their value reached in September 2002.

Over 80 per cent of PRG is owned by entrepreneur Eric Watson's Logan Corporation.

- NZPA