NZX suspends trading in PFG shares

The NZX has suspended trading in shares of Property Finance Group Limited after the company failed to release its annual report for the period ending March 31, 2008. The report was due to be issued on July 30, 2008. Property Finance Group's finance company, PropertyFinance Securities Limited, came out of receivership in early Febuary this year after a restructuring programme that was dependant on a $710,000 loan from a bridging financier. It had been in recievership from August 2007, owing debenture holders NZ$80 million. The NZX announced the suspension after the five business day period given to release the annual report expired.