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Wednesday 8th July 2009 |
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Plus SMS Holdings, the provider of mobile messaging systems, has had its suspension on the stock exchange reaffirmed by NZX after it failed to meet a second deadline to send through its annual report.
The technology company, which was initially suspended from the exchange last month when several directors resigned from its board, was cleared of insider trading by the Securities Commission last week. Still, the commission concluded there had been breaches of continuous disclosure rules.
The shares were trading at 0.5 cents when they were suspended, having plummeted from as much as 82 cents in November 2005.
Plus SMS has had a rocky year so far, after being forced to settle proceedings brought by founder Garry Donoghue over “disparaging comments” made about him by company representatives, seeking an extension of time to file its annual report after losing key data and facing allegations in a Texas court that directors and shareholders attempted to mislead investors to pump up the share price.
The company’s court battle in Texas with former chairman and chief executive Christopher Tiensch, who claims wrongful dismissal, is to come to New Zealand for arbitration.
Businesswire.co.nz
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Plus SMS slapped with fine, threatened with de-listing for improper reporting
