Trading in shares of property developer Apple Fields has been suspended, after the company failed to provide a copy of its annual report to stock exchange operator NZX.The report for the year ended September 30 was due to be issued to NZX on December 31,
Trading in shares of property developer Apple Fields has been suspended, after the company failed to provide a copy of its annual report to stock exchange operator NZX.
The report for the year ended September 30 was due to be issued to NZX on December 31, NZX said today.
As five business days had now passed since the due date, Apple Fields securities would be suspended until the company had issued its annual report, NZX said.
Apple Fields chief executive Tom Kain said shareholders were to be asked to approve delisting from the stock exchange at a special meeting in Christchurch on January 28.
As a result the accounts, which had been completed, were to be audited before the delisting approval was sought according to the requirements of the Companies Act rather than under NZX rules.
Shareholders would also be asked to approve an application by Apple Fields to list on the Unlisted share trading platform, Mr Kain said.
Auditing on the basis of the Companies Act met the requirements of Unlisted.
Apple Fields did produce a preliminary full year report on November 30. Its shares last traded at 5c.
