Plus SMS Holdings trying to recover data

Plus SMS Holdings has asked NZX for more time to supply its half-yearly report, after losing key company data following the sudden departure of its chief executive and chief financial officer.

The company did not follow normal procedures to secure, retain and back up data, according to a board investigation following the departure of the CEO and CFO under apparently acrimonious circumstances.

NZX reports, operating records of some companies, and worksheets appeared to have been maintained on personal computers, and not backed up to the company's server.

"All attempts to recover this information have failed," the board said.

"The fact that the CFO undertook his duties from a private residence on the Isle of Man has further frustrated recovery of the company's property and information."

In mid-September, Christopher Tiensch resigned immediately as chairman and director, and said he would resign as chief executive in six months.

Les Coates also resigned immediately as company secretary, and gave six months' notice of his resignation as chief financial officer.

Less than a month later, Plus SMS announced their immediate departure "due to material and fundamental breaches of their employment duties, obligations and agreements".

Plus SMS had accounting and reporting in place for daily business, but the company was unable to complete the company report required by the stock exchange, the board said.

The NZAX-listed mobile content company said it would deliver the report during trading on January 19.

It had been warned last week that it was late in issuing its interim report, and was given a week to comply.

- NZPA