Exchange may tighten reporting time

Press, 23 September 1983, Page 8

Exchange may tighten reporting time

The New Zealand Stock Exchange is considering reducing the maximum time that public listed companies must report their full and half-yearly results from four months to three months, it announced yesterday.

The president of the exchange, Mr John Aburn, says that the organisation has been monitoring listed

company full and halfyearly reports for two years to see if they complied with the listing requirements on the maximum reporting time.

Except for Dominion Breweries, Ltd, and Brierley Investments, Ltd, companies with the largest market capitalisation are already within the threemonth deadline, and it is hoped that others will follow suit, he

says. Listing requirements in Australia provide for such reports to be given that country’s stock exchanges no later than three months after the full or-half-year, and that printed annual reports must be issued to the exchanges and shareholders within four months of the balance date.

Two Christchurch firms,

Airwork (New Zealand), Ltd, and Brother Distributors, Ltd, are among seven listed companies that balance on March 31 which failed to meet the four month reporting deadline this year, Mr Auburn says. The others were Joseph Nathan Holdings, Ltd, Nuhaka Farm Forestry Fund, Opio Forestry Fund, Spedding Consolidated, Ltd, and Westbridge Holdings, Ltd.

The Stock Exchange is keen to communicate vital financial information, particularly yearly and half-yearly results, to shareholders . and the sharemarket as soon as possible.

The exchange will be discussing the feasibility of reducing the reporting period with listed companies, Mr Aburn says.