RIS shares face suspension over late annual report

Monday 3rd November 2014

RIS Group, the NZAX-listed shell company, has until the end of the week to file its annual report with NZX or its shares will be suspended from trading.

The Wellington-based company has until Friday to lodge its annual report with the stock market, having missed Friday's deadline, the stock market operator and regulator said in a statement. Since 2011 shares of RIS have been suspended twice for filing a late annual report, NZX data shows.

In 2012 RIS sold its Retail Information Systems, a payment systems software, to USG Tech Solutions Limited for US$1 million, with US$150,000 in cash and the remainder if USG shares, which are listed on the Bombay stock exchange, according to its website. The company is now looking for a reverse listing, where its shell is used by another company for a backdoor listing on the NZAX.

In September the company reported a net loss of $64,000 in the year ended June 30, from a previous net profit of $419,000, according to its preliminary financial statements. It didn't declare any revenue for the period.

The shares last traded on Sept. 2 at one-tenth of a cent, valuing the company at $745,000.

BusinessDesk.co.nz

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