After years of infringements, the NZX has had enough of Plus SMS Holdings and thrown the failed text messaging company off the NZAX.
NZX Regulation confirmed last night that it was cancelling the listing of Plus SMS at the end of this week.
In a brief statement made at the end of trading yesterday, NZX Regulation said the company’s de-listing was due to “repeated infringing of the Rules, its failure to comply with the terms of the determination of the NZ Markets Disciplinary Tribunal dated 22 February 2010, and its inability to meet its financial obligations to NZX”.
The move has been a long time coming, with shares last trading at 0.5c in June.
The company – which was once valued at $240 million – was publicly censured by the NZ Markets Disciplinary Tribunal and fined $50,000 last month, and was investigated by the Securities Commission last year.
Plus SMS made a back door listing on the NZAX through RetailX in late 2004, but the share price crashed in 2006 the company admitted making incorrect and misleading statements.
This saw founder Garry Donoghue and chairman Jim Bracknell quit, with a Securities Commission investigation then launched.
The last two years of Plus SMS were not a pretty picture, with the company hitting the headlines for all the wrong reasons:
June 30, 2008: Plus SMS founder takes company to court
September 15, 2008: Plus SMS in trading halt
September 16 2008: Executive shake-up rocks Plus SMS
September 25, 2008: Plus SMS withdraws share deal for ex CEO
October 10, 2008: Plot thickens at Plus SMS after sackings
December 16 2008: Plus SMS face suspension for late reporting
December 23 2008: Plus SMS trying to recover company data
January 16 2009: Another Plus SMS executive resigns
June 4 2009: Plus SMS settles with founder
June 15 2009: Plus SMS problems run deep
July 3 2009: Securities Commission lets Plus SMS off the hook
March 9 2010: Plus SMS fined $50,000, further investigation required
Thu, 08 Apr 2010