Pyne Gould shares suspended over late annual report

Pyne Gould Corporation director George Kerr.

Trading in Pyne Gould Corp shares has been suspended after the financial services firm failed to file its annual report by the required deadline.

The stock market operator and regulator suspended trading in the shares five days after its final warning to Pyne Gould to lodge its annual report. The shares last traded at 38 cents.

Managing director and majority shareholder George Kerr yesterday said the firm expects to release its audited accounts and annual report by mid-October, and hoped the week's notice of the looming suspension meant they weren't too inconvenienced.

"As we said last week, PGC has been unable to file its annual report and final audited full year accounts due to a delay in the completion of the audit relating to one of the Torchlight Fund's larger underlying property investments not being completed," Kerr said. "We apologise again to the market and shareholders for the delay and any inconvenience."

In August, the company said net profit fell to $20.1 million in the 12 months ended June 30 from $45.2 million a year earlier, in line with its forecast.

Pyne Gould is looking to oust the board of Equity Partners Infrastructure Co No 1 Ltd, which it holds a 27 per cent stake in and used to be the manager of, with a special meeting scheduled for Oct. 23 in Auckland.