Insured Group stock suspended on lack of annual report
Insured Group shares suspended from trading after again failing to deliver annual report
By Tina Morrison
Oct. 8 (BusinessDesk) – Insured Group, whose shares last changed hands more than five months ago, was suspended from trading on the New Zealand stock exchange for failing to provide its annual report on time.
The Australian insurer used the shell of failed finance company Lombard Group for a backdoor listing on the exchange in 2010. It has been late filing its annual report every year since then, excluding 2010 when the accounts reflected the Lombard business prior to the takeover.
NZX Regulation said today that the company’s latest annual report for the 2013 financial year was due by Sept. 30. A grace period of five business days had now expired and trading in Insured Group’s shares has been suspended, effective this morning, the regulator said.
Shares in Insured Group last traded April 26 at 1.5 cents, valuing the company at $325,000.