Apple Fields sets sights on Unlisted after audit

Property developer Apple Fields aims to relist itself on the Unlisted trading platform soon after it finishes a required audit of financial accounts.

In May, the Christchurch firm said the Unlisted trading mechanism would be a suitable way to ensure liquidity and allow minority shareholders a chance to sell out.

In January, Apple Fields was suspended from the New Zealand stock exchange for not providing an annual report.

Apple Fields then chose to delist.

The Press received a letter from an Apple Fields shareholder, Phillip Cook, saying he was dissatisfied with progress. The property developer had not been answering phone calls, and the lack of communication was causing him stress, Cook said.

Apple Fields general manager Tom Kain said the firm still had not had the financial results for the period to September 30, 2009 audited.

He had responded to Cook via a letter to update him on the firm's intentions.

Apple Fields has a history of problems relating to the timely auditing of results dating back to 2005-06.

"The audit firm we had ... when they were due to deliver them said the firm was withdrawing from audit of all issuers, and so we've appointed another company," Kain said this week.

He would not name the new audit company which had Apple Fields accounts, saying shareholders should be told first.

The company was keen to list soon after the audit was finished in the next couple of weeks, he said.

Christchurch's Tom and Charles Kain own a large chunk of Apple Fields with small investors owning the rest.

David Wallace, a director of Armillary Private Capital which manages Unlisted, said the trading platform was open to taking Apple Fields on board.

He noted the company still had some internal issues to resolve including the completion of audited accounts.

"They are still indicating an interest in relisting on Unlisted which is positive," Wallace said.

"They have a number of internal bits and pieces to sort out themselves, which they are quietly working through."

Kain said that in terms of Apple Fields business plans, the company had reduced debt and was concentrating on its retail and residential development at Yaldhurst in west Christchurch.

Development machinery was active on this "Noble Village" site, with the developer on target to produce the first 90-odd sections and titled land for the retail centre.

"We'll have titles before Christmas and we'll have a range of different houses being built for the market," Kain said.

- © Fairfax NZ News