|        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Thursday, April 9th, 6:09PM


Latest Headlines

Dominion censured, fined for overdue report

Dominion Finance Holdings (DFH), whose shares last traded at 1 cent, was publicly censured by the stock exchange and fined NZ$65,000 after failing to file an annual report by the due date.

Wednesday, October 1st 2008, 3:37PM

by Jonathan Underhill

The company is essentially a shell with limited cash available, with one of its operating units in receivership and the other negotiating a moratorium on payments to investors. It cited the uncertainty about its finances as the reason it couldn’t adequately file an annual report.

NZX Discipline “did not accept this defence,” it said in a statement. “The respondent had failed to take the appropriate steps to enable it to comply with the time frames” in the listing rules,” the NZX body said.

Dominion Finance said it was disappointed with the ruling though it has received legal advice that the decision can’t be appealed.

The company has “very limited cash resources in its own right,” it said. With its Dominion Finance Group unit in receivership and North South Finance progressing a moratorium proposal, “neither subsidiary is in a position to provide funding.”

“The directors are giving consideration to the options available to DFH, and the directors anticipate providing a further update shortly,” it said.

Shares of Dominion Finance have shed about 100% of their value in the past 12 months, having traded at more than NZ$1.60 in October 2007.

« Geneva spurns attempt to oust directorsSouthland Building Society gains bank licence »

Special Offers

Commenting is closed



Printable version  


Email to a friend
Today's Best Bank Rates
Rabobank 1.75  
Based on a $50,000 deposit
More Rates »
News Bites
Latest Comments
Subscribe Now

Deposit Rates newsletter

Previous News


Most Commented On
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
Site by Web Developer and