Savoy suspended for report delay

Under market listing rules the company should have issued the report by the end of April.

In a statement last week Savoy said it knew about the likelihood of a suspension, even though it had earlier told the NZSE that it would not be in a position to meet the time frame required and had asked for a waiver.

"The company regrets any inconvenience to shareholders for the period of the suspension," Savoy said.

"The delay has been as a result of compounded delays resulting from events earlier in the year. The report is expected to be released in late May and the AGM is scheduled for the end of June 2001."

For the year ended December Savoy posted a loss of $77.1 million including abnormal intangible asset writedowns of more than $70 million.

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