VTL GROUP LIMITED(VTL)

delisted after NZX Market Supervision (NZXMS) advises that VTL ordinary shares will cease to be quoted, and VTL will be delisted from the NZSX, as of the close of business on Monday, 20 September 2010. VTL has been in suspension since being placed in receivership on 6 November 2008. VTL is being delisted as part of a process that NZXMS is undertaking to delist issuers that have been in long term suspension on NZX markets

receivers expect that the secured creditor will suffer a shortfall and therefore unsecured creditors and shareholders will not receive a distribution

New Zealand Markets Disciplinary Tribunal censures VTL for its breach of Listing Rule 3.4.3 (this concerned a director of VTL, Mervyn Doolan) - in addition NZMDT made an order that VTL pay to NZX a sum of $30,000 by way of penalty and costs of $10,000 together with all of the costs of NZMDT - so of course the penalty is effectively levied against VTL shareholders - should not the errant director be penalised and the victims of his behaviour (ie. the company's shareholders) be the beneficiaries??

the Securities Commission has laid criminal charges and issued civil proceedings against Nathans Finance directors John Hotchin, Donald Young and Kenneth Moses - criminal charges and civil proceedings have also been filed against a fourth director believed to be resident in Australia

securities suspended

securities reinstated to quotation

according to a PriceWaterHouseCoopers report "the Nathans receivers have reached agreement with VTL Group Limited to continue providing limited funding to enable it to continue to trade pending the sale of certain of its business units, including vending machines, by way of a managed process of releasing value over time. Proceeds generated from the business sales will be used to reduce VTL Group Limited debt due to Nathans"

securities suspended as the company has advised it is insolvent

name changed from Vending Technologies Limited