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NZX suspends Hawkins' Cynotech

Tuesday 10th August 2010

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Cynotech Holdings, the finance minnow headed up by 1980s high-flyer Allan Hawkins, has been suspended from the NZX after missing its deadline to file its annual return.  

The NZX today formally suspended trading in Cynotech shares and its other listed securities after it missed filing its annual report. It issued a warning last week after the firm flagged its audit was taking longer than expected.

Last month, Cynotech informed the NZX it was looking for an alternate listing to the stock exchange.

In March, Hawkins secured 78% of the company in a takeover bid, though he fell short of the 90% target that would've let him take complete control. In the offer document, he said the NZX listing had failed and it was his intention to delist the company.

The shares, which trade infrequently, almost halved when they last traded on July 30, dropped to 2.5 cents from 4.8 cents. That was the same day the firm told the NZX of its plans to delist.

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