MFS delays release of financials

Gold Coast financial group MFS has asked for permission to delay announcing its half year results and is seeking a reprieve from its commitment to pay $330 million of debts incurred by its New Zealand subsidiary. In a statement to the ASX the company said that material events over the past five weeks have made it difficult to establish the values for tangible and intangible assets as well as determining other disclosures. The company is expected to have to write down the “goodwill” which was valued at $80.5 million in its last full-year accounts and probably some large loans provided to its various vehicles.

Source: Sydney Morning Herald

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