Firm posts loss, looks to relisting

By IRENE CHAPPLE


On a day when most of New Zealand was on holiday, ailing shell company Commsoft Group released its result for the year to the end of June - a loss of $198,526.

The loss, on revenue of $2.28 million, comes after a difficult year in which the software company sold its intellectual property, was placed into administration, put its New Zealand and Australian subsidiaries into liquidation and had its shares suspended.

In the previous corresponding period it lost $6.4 million.

The loss includes the write-off of liquidation expenses and operating subsidiaries and a write-down of assets.

After a short period in voluntary administration the company was placed back in the control of the directors after they negotiated a forgiveness of debts from creditors.

Commsoft Group has remained listed on the ASX and the NZX but has been suspended from trading. Its directors say they are considering "various strategies to realise value from the group" and "would like to relist as soon as practical".

The company is currently a "clean shell" with the dual listings, and A$16 million in tax losses.

In their statement to the markets the directors said they were looking to buy a business that would benefit from the dual listings and the tax losses.