Scoop has an Ethical Paywall
Work smarter with a Pro licence Learn More

Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

NZAX suspends trading in Windflow shares

NZAX suspends trading in Windflow shares

by Pattrick Smellie

Nov 9 (BusinessWire) - Trading in Windflow Technology Ltd (WTL) shares has been suspended following the company's failure to lodge an annual report by the October 30 deadline, NZX Regulation has announced this morning.

WTL applied last week for a waiver that would allow the annual report to be lodged by November 16, a month out from the delayed date for its Annual Meeting.


The suspension is the latest consequence of the dispute between WTL and its sole customer so far for its two-bladed locally developed turbines, New Zealand Windfarms Ltd (NWF).


NWF is withholding payments totalling around $3.5 million as it disputes the technical certification of the Windflow turbines, while continuing to trade despite a warning in August that the company was facing difficult trading conditions for its Te Rere Hau windfarm and that it may not be able to continue as a going concern.


WTL initiated High Court proceedings against NWF last week, saying that if payments continued to be withheld, WTL may have to take action such as slowing or closing down production in order to conserve cash reserves.


WTL shares last traded at $1.20, having fallen over the last year from above $2.90. Larger than normal volumes of WTL shares have traded in the first few days of November, during which time the share price has sunk 10 cents.


(BusinessWire)

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Business Headlines | Sci-Tech Headlines

 
GenPro: General Practices Begin Issuing Clause 14 Notices

GenPro has been copied into a rising number of Clause 14 notices issued since the NZNO lodged its Primary Practice Pay Equity Claim against General Practice employers in December 2023.More

SPADA: Screen Industry Unites For Streaming Platform Regulation & Intellectual Property Protections

In an unprecedented international collaboration, representatives of screen producing organisations from around the world have released a joint statement.More

 
 
 
 
 
 
 
 
 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.