Propertyfinance may release annual report with audit rider

Monday 1st September 2008

Propertyfinance group, the finance company that emerged from receivership in February, is seeking legal advice on releasing its annual report with a tag from its auditors.

The company's stock was suspended on August 8 after it missed the NZX deadline to file its report. The stock had last traded at 10 cents on July 25, having tumbled 51% this year.

Delays in getting certain information from third parties were preventing the company from completing its reports, it said in a statement today. "Despite written assurances from the third party responsible that the information would be produced it is still outstanding as at today's date," the company said.

The company plans to make another statement on September 3 when the board will have considered its options.

Propertyfinance was restructured to operate in a reduced capacity. It funded its mortgage lending by selling debentures and tapping wholesale securitisation trusts.

By Jonathan Underhill

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