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Dominion censured, fined for overdue report

Wednesday 1st October 2008

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Dominion Finance Holdings, whose shares last traded at 1 cent, was publicly censured by the stock exchange and fined NZ$65,000 after failing to file an annual report by the due date.

The company is essentially a shell with limited cash available, with one of its operating units in receivership and the other negotiating a moratorium on payments to investors. It cited the uncertainty about its finances as the reason it couldn't adequately file an annual report.

NZX Discipline "did not accept this defence," it said in a statement. "The respondent had failed to take the appropriate steps to enable it to comply with the time frames" in the listing rules," the NZX body said.

Dominion Finance said it was disappointed with the ruling though it has received legal advice that the decision can't be appealed.

The company has "very limited cash resources in its own right," it said. With its Dominion Finance Group unit in receivership and North South Finance progressing a moratorium proposal, "neither subsidiary is in a position to provide funding."

"The directors are giving consideration to the options available to DFH, and the directors anticipate providing a further update shortly," it said.

Shares of Dominion Finance have shed about 100% of their value in the past 12 months, having traded at more than NZ$1.60 in October 2007.

By Jonathan Underhill

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