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NZF Group restates first-half results for the second time

NZF Group restates first-half results for the second time after talks with regulator

By Suze Metherell

April 2 (BusinessDesk) - NZF Group, the financial services company fined and suspended from trading on the New Zealand stock exchange last year after a four-and-a-half month delay in filing its annual report, has restated its first half report for the second time.

The Auckland-based company yesterday reissued its financial results for the six months ended Sept. 30 after consultation with the Financial Markets Authority, citing errors in comparative amounts and the disclosure shown in the accounts, it said in a statement. The company initially published the results in November and first restated them in February because of concerns about how it recognised losses of discontinued assets.

NZF Group said the restated accounts didn't change its reported first-half loss of $746,000, compared with the year earlier loss of $853,000. Shares in the company last traded at 1 cent.

In November the regulatory arm of stock exchange operator NZX fined NZF Group $35,000 and censured the company after a delay in filing its 2013 annual report. At the time NZF Group said it was unable to fully value its divestment in its 50 percent stake in MPMH, a holding company for Mike Pero Mortgages, as it no longer had access to the financial statements.

NZF Group established the MPMH joint venture with Australasian firm Liberty Financial in 2006. The venture soured as NZF Group sought to divest, which Liberty disputed. The worth and subsequent impairment to be recognised by the divestment of MPMH was also disputed, with discrepancies between valuations ranging from $2.76 million to NZF's own valuation of $7.51 million.

In its latest accounts, the company repeated that it needs more cash to continue operating beyond 12 months. The company suspended interest payments on its capital notes in May 2012, enabling it to continue operating for the next 12 months, it said.

NZF Group said it had excess liabilities over assets of $15.9 million at Sept. 30 and was in breach of the solvency test under the Companies Act.

Meantime, the company has agreed to sell its holding in New Zealand Mortgage Finance for $95,000, with settlement due last month, it said.

(BusinessDesk)

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