NZX suspends Windflow shares

Shares in wind turbine company Windflow Technology have been suspended from trading on the New Zealand stock exchange.

Market operator NZX today said the action was taken after Windflow failed to provide its annual report for the year to June 30, which had been due to be issued to NZX by October 30.

Last Monday, Windflow said it had sought a waiver from NZX from delivering the annual report, after customer NZ Windfarms began withholding payments from mid-August.

The dispute between the two companies related to turbines provided by Windflow for NZ Windfarms' Te Rere Hau project, near Palmerston North.

In its statement a week ago, Windflow said more than $3.5 million was now owed.

Windflow said it had started a legal process to recover money owing to it by NZ Windfarms, which would shortly result in a High Court hearing, unless NZ Windfarms made the required payment.

Windflow had delayed its annual meeting until December 16, and wanted to delay delivering its annual report until November 16 because it expected further developments on the matter before then.

Windflow shares last traded at a year low price of $1.20 on Thursday, having been at $2.95 a year ago.

- NZPA