PGC misses deadline to publish audited accounts, citing delay in property audit

Wednesday 1st October 2014

Pyne Gould Corp, the Guernsey-based asset management firm controlled by George Kerr, said it missed yesterday's deadline to submit its final audited accounts for the 2014 year to the stock exchange because of a delay in auditing one of the larger property investments in its Torchlight Fund.

"PGC expects to be able to release its final audited full-year accounts and annual report within a fortnight," Kerr said in a statement to the exchange. "We expect the net profit after-tax result to be consistent to that released in August."

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.

Should PGC fail to issue its annual report within five business days of the due date, by the market close on Oct. 8, then the company's shares will be suspended from the start of trading on Oct. 9, according to a statement from NZX Regulation, which cites the stock exchange's listing rules.

Shares in PGC last traded at 39 cents and have shed 19 percent so far this year.

BusinessDesk.co.nz

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