Listed property minnow Apple Fields has finally delisted, following a shareholder vote today but the company plans to list on an alternative market.The Christchurch-based company which first listed in 1986 entered a trading halt earlier this month after i
Listed property minnow Apple Fields has finally delisted, following a shareholder vote today but the company plans to list on an alternative market.
The Christchurch-based company which first listed in 1986 entered a trading halt earlier this month after it was late delivering its annual report to NZX.
The move was supported by all voters present at the meeting and 28 or the 31 proxies minority shareholders submitted.
“The meeting also passed the resolution requiring the company to list on an alternative exchange as soon as possible,” chairman Gordon Stewart said.
NBR reported last month that the delisting was expected after lender St Laurence put ten of twenty five sections at its Takamatua development up for mortgagee sale.
Apple Fields has a fifty unit development on the cards west of Christchurch at Noble Village. The project also includes a five hectare business park which work has already started on.
The delisting was effective immediately, with the company’s final share price at five cents. Its 2009 interim report, the final data available, showed a $300,000 loss.
An announcement is expected soon regarding its plans to list on one of the alternative markets.
