Apple Fields suspended by NZX

Friday 9th July 2004

The stock exchange suspended trading in Apple Fields shares yesterday morning after the company failed to file its half-year financial results.

NZX said Apple Fields' report for the half-year ended March 31 was supposed to be filed on June 30.

The horticultural company turned property development and mining investor ran into some financial problems last year, posting a $225,000 loss before unusual items and tax in the year to September 30, 2003.

Shareholder funds at year-end stood at just $42,000, down from $267,000 at the end of its previous financial year.

In July last year, subsidiaries of the company lost an appeal to the Privy Council over the mortgagee sale of land, which is now the Northwood housing development. At the time the company said the court costs made up the "greater proportion" of the $225,000 annual loss incurred.

Under the exchange's listing rules, trading is suspended if a company fails to provide its half-year report within five working days of its due date.

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