Shares in the New South Wales wine company, Reynolds Wines, have been suspended from trading on the Australian Stock Exchange. Reynolds was one of seven small-capitalisation stocks suspended because its half-year report and accounts did not comply with new listing rules which came into effect on January 1, 2003.
The Reynolds company secretary, Simon Spicer, said the suspension was a “technical issue” which would probably be resolved by tomorrow. “It’s nothing major or sinister,” he said.
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Nevertheless, the suspension is a blow for Reynolds in view of the fact that it only two weeks ago came to the end of a six-month suspension resulting from a previous review of its 2001/2002 accounts by auditors and a dispute with the Australian Taxation Office.
Last week, Reynolds reported a loss for the first half of the year of A$1.35m on sales 8.6% higher at A$10.3m.
