10 May 2012

Insured Group shareholders agree to new public offer

10:28 am on 10 May 2012

Shareholders of Insured Group have agreed to approve a new public offer of shares and to delist from the NZX.

The company says it needs to recapitalise the business by raising money to fund existing payment obligations and working capital.

It says it has also made a decision to delist from the New Zealand sharemarket because the company does not have a significant presence in the country, but it will remain on Australia's ASX.

In early 2010, the Perth-based, Australian Consolidated Insurance, now called Insured Group, completed a reverse takeover of Lombard Group, the parent of the failed Lombard Finance.