By PETER GRIFFIN
Ailing shell company Commsoft Group is preparing to delist from the NZX as it pins its hopes on finding an investment to back into its remaining Australian listing.
In its accounts for the second half of 2002, filed yesterday months late, Commsoft Group, which used to develop software
for monitoring internet and phone use, reported a loss of A$1.5 million on revenue of A$584,000. In the previous corresponding period, it lost $3.8 million.
The accounts predate a move by Commsoft Group to enter voluntary administration and put its New Zealand subsidiary Commsoft Australasia into liquidation.
But those transactions were cancelled in April after an agreement with creditors to "forgive" debts.
Commsoft Group has ticked by since then, though its last accounts show negative equity of A$2.5 million and Australian auditor BDO had "inherent uncertainty" about its ability to keep going.
Chairman Anthony Howard said yesterday that Commsoft was still seeking a suitable acquisition to back into the Australian listing but would delist in New Zealand to save money.
"We've got the shell in Australia which is clean and has quite a few tax credits."
But Commsoft has been on the lookout for acquisitions for some time with little success since it sold its intellectual property in March for A$550,000 and took a 20 per cent stake in the purchaser.
Commsoft has accumulated losses of A$29 million.
