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Pyne Gould fined for late reporting

NZ NewswireNZ Newswire 27/10/2016 Sophie Boot

Investment group Pyne Gould Corp has been fined $300,000 by the NZ Markets Disciplinary Tribunal for repeated late filings of annual and interim financial information.

The company missed the deadline for filing its annual results for the third year running in 2016, filing them on August 30 after the NZX warned its shares would be suspended if it failed to deliver the report by September 5.

The shares were suspended from October 8, 2015, until June the following year, after that year's annual earnings were delayed.

Pyne Gould first signalled the 2015 accounts would be late in September that year, blaming a slow handover of information from its previous auditor PwC to Grant Thornton. Its preliminary first-half results and report for the six months to the end of December last year were also delivered late.

The company also didn't have enough independent directors for 138 business days after chairman Bryan Mogridge left last October with the new independent director Paul Dudley not appointed until May this year. That was its third breach of its corporate governance obligations, NZX said.

That conduct was a breach of NZX's listing rules, the stockmarket operator said in a statement.

It imposed a fine of $275,000 for the periodic reporting breaches, and a $25,000 fine for the governance breaches.

NZX said this was Pyne Gould's fourth referral to the tribunal, the second consecutive occurrence of periodic reporting breaches, and the length of the breach was the longest for a reporting requirement in any matter previously referred to the tribunal.

The shares last traded at 20.5 cents and have gained 2.5 per cent this year.

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