Windflow Technologies blindsided by NZX suspension

Wind turbine maker Windflow Technologies is fast-tracking the release of its annual report today, after trading in its securities on the NZX was unexpectedly suspended this morning.

Trading was halted after the manufacturer failed to produce its annual report on time, despite seeking a waiver last week to allow the report to be delayed by two weeks to allow for further developments regarding non-payment from its only customer.

But Windflow Technology chief executive Geoff Henderson told NBR the company only found out its waiver application had been denied just before the suspension began.

“We received no notification from the NZX until about 9.30am and the suspension was made public immediately afterwards, so we were caught by surprise by that. But the annual report is very, very close to finishing, so we’re looking to get that out as soon as possible to get trading going again.”

The wind turbine company sought the delay to allow its annual report to include the latest details of its ongoing dispute with sole customer NZ Windfarms, which suspended payment for turbines in August over certification issues.

Windflow Technology is now owed more than $3.5 million.

The company sought a waiver from the listing rule on the grounds that its annual meeting had been delayed until mid-December and Windflow Technology wanted to delay its report until next Monday, 20 working days before the meeting, as it expected further developments before that date.

Mr Henderson said there had been no change in the situation between the two wind companies over the past week, but said the company was still hoping to reveal new developments in the case over the next few days.