Commsoft shares suspended

2.45pm

Trading in troubled software developer Commsoft Group has been suspended after it failed to file its half year report in accordance with listing rules.

The suspension, triggered by the Australian Stock Exchange, applies to both the Australian and the New Zealand Stock Exchanges, the ASX said in a statement.

Commsoft announced plans in December to sell its intellectual property and take ownership stakes in the buyers in a bid to save itself from ruin.

The survival plan was revealed at Commsoft's annual meeting, where chairman Anthony Howard said the market Commsoft operated in "remains very difficult and shows little sign of immediate improvement".

The Auckland-based company lost A$6.4 million ($7 million) in the year to June 30, improving on an A$21.8 million plunge into the red in the previous period.

Mr Howard said in December de-listing from the Australian and New Zealand Stock Exchanges was not on the cards.

Negotiations were under way with two key parties to buy the intellectual property and a deal was expected to be struck soon.

Extensive redundancies have left Commsoft with just 20 staff, many of whom were expected to find new jobs with the buyers of the intellectual property.

Shares in Commsoft last traded at 0.3c on Friday against a year high of 4.2c and a low of 0.2c.

- NZPA