RIS Group shares suspended by NZX
The shell company did not file its annual report on time for the third time since 2011.
The NZX has suspended trading of RIS Group shares, after the shell company ignored warnings to file its annual report for the year ending June 30, 2014.
Under listing rules, the report was due to be filed on or before October 31, and the Wellington-based company was warned last Monday that it had until the end of last week to file or its shares would be suspended.
This is not the first time NZAX-listed RIS has neglected to meet deadlines. Since 2011, shares of RIS have been suspended three times – including the current suspension – for filing a late annual report, NZX data shows.
In 2012 RIS sold payment systems software Retail Information Systems to USG Tech Solutions for $US1 million, with $US150,000 in cash and the remainder in USG shares, which are listed on the Bombay stock exchange, according to its website.
The company is now looking for a reverse listing, where another company uses its shell for a backdoor listing on the NZAX. Its website states it is looking for technology or software start-up companies, service businesses, or resource and exploration licenses.
In September, the company reported a net loss of $64,000 in the year ended June 30, from a previous net profit of $419,000. It did not declare any revenue for the period.
RIS last traded at one-tenth of a cent, having declined 83% in the past 12 months.
Calida Smylie
Mon, 10 Nov 2014
Mon, 10 Nov 2014
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RIS Group shares suspended by NZX
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