PUBLIC CENSURE OF DOMINION FINANCE HOLDINGS LIMITED
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Dominion Finance Holdings Limited (DFH) | 8:49 am, Wednesday 1 October 2008 | DFH | 0.010 |
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1 October 2008
ANNOUNCEMENT OF NZX DISCIPLINE
PUBLIC CENSURE OF DOMINION FINANCE HOLDINGS LIMITED (DFH)
BY NZX DISCIPLINE FOR BREACH OF LISTING RULE 10.5.1
Background
1. In a determination of NZX Discipline dated 26 September 2008 (“the NZXD determination”) (see separate announcement made today, 1 October 2008 for the full text of the NZXD determination) NZX Discipline found that DFH acted in breach of Listing Rule 10.5.1 by failing to make available its annual report within three months of the end of the Respondent’s financial year, being 31 March 2008, both electronically to NZX and to each Quoted Security holder, as is required by Listing Rule 10.5.2B.
2. DFH admitted that it did not provide its annual report within the time frames required by Rule 10.5.1. However it submitted to NZX Discipline that if it had filed its annual report within the time frames required by Listing Rule 10.5.1 it would have been impossible for the financial statements to be prepared in a way that presented a true and fair view and that those financial statements would have been misleading. DFH submitted that this would in itself have caused a breach of the Listing Rules and the law.
3. NZX Discipline did not accept this defence. In its determination NZX Discipline found that it was not impossible for the Respondent to file financial statements that complied with the Financial Reporting Act 1993 within the timeframes specified in Listing Rule 10.5.1 and that the Respondent had failed to take the appropriate steps to enable it to comply with the time frames in Listing Rule 10.5.1.
4. One of the penalties imposed under the NZXD determination is a public censure of DFH. NZX Discipline also made an order that the Respondent pay to NZX, within 20 Business Days of the date of its determination, a sum of $65,000 (sixty five thousand dollars) by way of penalty.
Censure
5. In accordance with the terms of clause 26(a) of the NZXD determination NZX Discipline hereby publicly censures DFH for its breach of Listing Rule 10.5.1.
ENDS
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