Property Finance suspended from stock exchange

The stock exchange has today suspended trading in the securities of NZAX-listed Propertyfinance Group (PFG) because it has not provided full-year results.

NZX Regulation said PFG's results for the year ending March 31 had been due on June 12.

Under listing rules if a company has not issued preliminary full year results within five business days of the due date, quotation of the company's securities is suspended until annual results are issued.

PFG is holding a special meeting next Monday for secured debenture stockholders to choose between continuing with a wind-down or receivership.

The group's principal subsidiary Propertyfinance Securities is in breach of a December 2007 plan, supported by debenture stockholders to reschedule stock, because it paid only $8.8 million of the $15 million that had been due to be paid by last December.

Propertyfinance Securities has $71.17m in secured debenture stock on issue, held by 2900 retail clients.

- NZPA