NZX suspends RIS for late report

Last updated 10:27 08/11/2012

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Alternative market-listed RIS Group has been suspended from the NZX, after the Sydney-based company failed to file its annual report.

In a notice on the NZX this morning, the market operator said trading in RIS Group's shares has been suspended following the company's failure to provide its annual report for the year to June 30.

The report was due to be delivered by October 31.

On November 5 NZAX-listed RIS Group applied for a waiver on the rule requiring it to file its annual report, saying the sale of its main operating subsidiary Retail Information Systems Pty to a company listed on the Bombay Stock Exchange had been delayed.

RIS said it now expected settlement of the sale in mid-November. It had limited resources to complete both the sale and the audit of its 2012 financial statement, and believed completing the sale took priority, it told the NZX.

"While RIS has used its best intentions and endeavours to ensure it could comply with the 31 October 2012 deadline, delays subsequently outside its control prevented it from doing so."

It considered that an extension until the end of December was reasonable, it said.

RIS Group is described as a provider of eftpos debit and credit card technologies.

In a preliminary results announcement the company said it had made an unaudited net loss of A$762,000 for the year to June, a 77 per cent improvement from the previous year.

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- BusinessDay.co.nz

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