Scoop has an Ethical Paywall
Windflow trading halt lifted
Windflow trading halt lifted
by Pattrick Smellie
Nov 10 (BusinessWire) - Windflow Technology Ltd (WTL) shares will be trading again tomorrow after the company belatedly filed its annual report today, following the NZX declining a waiver that would have allowed an extension of time to the middle of the month.
The halt was lifted at 5.15pm after the NZX received the WTL annual report, which contained little new information other than to update to $4.05 million the value of withheld payments from its sole customer, New Zealand Windfarms Ltd (NWF).
The audit report also carried a "fundamental
uncertainty" tag, relating to the ongoing dispute with NWF
over the certification to an international standard of WTL's
pioneering two-bladed turbines, which were developed are now
being manufactured from WTL's base in Christchurch. WTL and
NWF are also in dispute over the delivery dates for 32
further turbines to extend NWF's Te Rere Hau windfarm in the
Manawatu.
NWF wants to put the additional machines
on an extension to the site they were originally planned
for, but is awaiting resource consent. WTL says it must
agree to any contact variation, but was not consulted on the
change.
NWF denies this, and is preparing to counter
a WTL High Court bid to force payment to WTL.
WTL's
managing director Geoff Henderson apologised to shareholders
for the trading suspension in a statement to the NZX,
indicating mix-ups over dates and miscommunication were to
blame.
"The communication between NZX and WTL had
not made it clear that an immediate suspension of trading
would follow if NZX declined the application. Upon receipt
of the decisions to decline the application and to
immediately suspend trading in WTL shares, WTL took steps to
release its annual report as soon as possible.
The
company had hoped to be able to release the annual report on
November 16 with further information relating to the
problems with NWF, which itself warned in August that it
faced uncertainty as to whether it was a going concern.
(BusinessWire) 18:01:25
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