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


Pyne Gould shares suspended for second time in two years

Pyne Gould shares suspended for second time in two years over tardy filings

By Suze Metherell

Oct. 8 (BusinessDesk) - NZX Regulation has suspended Pyne Gould Corp shares from trading for the second time in as many years after the diversified investor failed to lodge its annual report with the stock exchange.

Last week, the Guernsey-based firm blamed a change in auditor for missing the September deadline to file its 2015 annual report, and said it expected the audited financial statements would be lodged mid-October. NZX warned it had until Oct. 7 to file the report with the exchange.

This is the second year Pyne Gould has been late in filing its annual report, with its shares suspended for almost four weeks last October. The company was later fined and censured by the NZ Markets Disciplinary Tribunal over the delayed release, which had been tagged by auditor PwC because of the firm's inability to obtain sufficient information about Pyne Gould's investment in Torchlight Group and Torchlight Fund.

Grant Thornton is Pyne Gould's new auditor, and the handover of the Torchlight accounts were blamed for the slow reporting.

In February, the Financial Markets Authority said it was reviewing Pyne Gould’s 2014 annual report over the inclusion of the $22 million gain from the sale of its Perpetual Trust unit, which is now the subject of a High Court dispute. The market regulator was no longer looking at the company's 2014 report, but said in early October it was "engaging with PGC regarding its 2015 financial reporting and we are waiting to see the 2015 annual report, once released."

In August, Pyne Gould released unaudited results showing a 99 percent decline in annual profit to 38,000 British pounds as interest income fell, expenses jumped and the asset management firm saw no repeat of the previous year's one-time $22 million gain on the sale of Perpetual Trust.

Pyne Gould booked the sum, which will be paid once new owner Bath Street Capital lists the business on the NZX, which has yet to happen. Pyne Gould is now suing Bath Street Capital and Andrew Barnes for at least $22 million that it claims is an unpaid bill from the sale of Perpetual Trust.

The company is controlled by managing director George Kerr, an NBR 2015 Rich Lister with wealth estimated at $80 million. He was left in control of Pyne Gould in 2012 when he failed to take the company private in a full takeover attempt.

Pyne Gould shares last traded at 24.5 cents, valuing the company at $48 million, and have declined some 36 percent over the past 12 months.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Foodstuffs: New World & Four Square Trial NZ’s First Grocery Delivery Offer With Uber Eats

New World & Four Square have partnered with Uber Eats to unlock the first grocery offering available on the platform in Aotearoa. For New World and Four Square it’s yet another way to put New Zealanders first, particularly with those inevitable last-minute grocery needs... More>>

Digitl: Download 2.0 – Vodafone Wi-Fi Calling hits early milestone
Vodafone says it has 10,000 customers using its Wi-Fi Calling service. It took less than three months to reach that milestone; the service began operating in September... More>>

Energy Resources Aotearoa: New Law On Decommissioning Could Be Costly Overkill
A new law on decommissioning oil and gas fields passed by Parliament today has good intentions but is overkill, according to Energy Resources Aotearoa. "We strongly support operators taking responsibility and paying the costs for decommissioning, which is what all good operators do," says chief executive John Carnegie... More>>

ABC Business Sales: Demand High For Covid-proof Businesses
Despite the continuing challenges facing businesses in this Covid environment, right now there are more buyers looking for a small-medium sized business than there are sellers in the market... More>>

PriceSpy: Producer Prices Increase
New Black Friday and Covid-19 Report* released by PriceSpy says people’s fear of stepping inside physical shops during big sales events like Black Friday has risen since last year; Kiwis are still planning to shop, but more than ever will do it online this year... More>>

NZ Skeptics Society: Announce Their 2021 Awards, And Dr Simon Thornley Wins The Bent Spoon

Every year the New Zealand Skeptics presents its awards to people and organisations who have impressed us or dismayed us, and this year it’s been hard to pick our winners because there have been so many choices!.. More>>

REINZ: Sales Volumes Leveling Out

Data released today by the Real Estate Institute of New Zealand (REINZ) shows there were 44 fewer lifestyle property sales (-2.6%) for the three months ended October 2021 than for the three months ended September 2021... More>>