Pyne Gould Corp risks having its shares suspended from trading for the second time in two years after again missing the deadline to lodge its annual report with the NZX. The company blamed the delay on auditors reviewing the accounts.
Trading in the Guernsey-based firm's shares was suspended for almost four weeks last year and the company was later fined and censured by the NZ Markets Disciplinary Tribunal over the delayed release of its 2014 annual report, which had been tagged by auditor PwC because the firm's inability to obtain sufficient information about PGC's investment in Torchlight Group and Torchlight Fund.
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PGC's shares may again be suspended if it fails to lodge its annual report by Oct. 7 after missing yesterday's deadline, NZX said today. Pyne Gould yesterday said its 2015 annual report was held up because of delays in the handover of audit information regarding Torchlight from the previous auditor to new auditor, Grant Thornton.
In February, the Financial Markets Authority said it was reviewing PGC's 2014 annual report over the inclusion of the $22 million gain from the sale of its Perpetual Trust unit, which is now the subject of a High Court dispute. A spokeswoman for the FMA said the market regulator was no longer looking at the company's 2014 report, but was "engaging with PGC regarding its 2015 financial reporting and we are waiting to see the 2015 annual report, once released.