Tuesday 5th August 2008
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NZX Regulation lifted the suspension because in this case "NZXR believes that shareholders interests are best served by enabling them to deal with their holdings if they wish to do so," the exchange regulator said in a statement.The shares were barred from being traded because Dominion Finance missed its deadline to file an annual report for the year ended March 31. The company argued that uncertainty around recapitalising its business made it impossible to finalize the accounts, a position rejected by the regulator. The stock tumbled 90% this year up until July 8.
In June, the firm said a shortage of liquidity at its Dominion Finance Group and North South Finance units meant there was a risk they wouldn't be able to meet payments to debenture holders. It sought suspension of payments for an unspecified period, blaming the "impact of the international credit crisis" on the confidence of the units' investor base.
NZX Regulation today said it didn't accept that Dominion Finance was unable to furnish its annual report and that such a report could be filed "with use of appropriate assumptions and qualifications."
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