NZX Regulation has suspended Pyne Gould Corp shares from trading for the second time in as many years after the diversified investor failed to lodge its annual report with the stock exchange.
Last week, the Guernsey-based firm blamed a change in auditor for missing the September deadline to file its 2015 annual report, and said it expected the audited financial statements would be lodged mid-October. NZX warned it had until October 7 to file the report with the exchange.
This is the second year Pyne Gould has been late in filing its annual report, with its shares suspended for almost four weeks last October. The company was later fined and censured by the NZ Markets Disciplinary Tribunal over the delayed release, which had been tagged by auditor PwC because of the firm's inability to obtain sufficient information about Pyne Gould's investment in Torchlight Group and Torchlight Fund.
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Grant Thornton is Pyne Gould's new auditor, and the handover of the Torchlight accounts were blamed for the slow reporting.