Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


NZX to cancel Insured Group listing over rule breaking

NZX to cancel Insured Group listing over repeated rule breaking

By Suze Metherell

Feb. 28 (BusinessDesk) – NZX, New Zealand’s stock exchange operator, will de-list Insured Group, which last traded in April, after repeatedly failing to comply with listing rules.

Insured Group will officially be de-listed at the close of trading on March 7, after using the shell of Lombard Group, the parent of failed lender Lombard Finance & Investments, for a backdoor listing on the exchange in 2010.

Trading in the shares has been suspended since October after the group failed to file an annual report. The shares last traded on April 26 at 1.5 cents, valuing the company at $325,000.

NZX said it will exercise “its discretion” and cancel Insured Group’s listing after “recurring failure to comply with the NZX Main Board Listing Rules”.

Insured Group has been tardy in filing its annual report every year since listing, excluding 2010 when the accounts reflected the Lombard business prior to the takeover.

In 2012 the company said it would de-list from the NZX in a failed attempt to join the Australian Stock Exchange with the expectation of lower ASX compliance fees and to raise A$2.25 million in capital. The company withdrew its ASX prospectus and returned trading on NZX.

Insured Group wasn’t immediately available for comment.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Brewing: Lion To Buy Cult Upper Hutt Brewer Panhead

Lion - Beer, Spirits and Wine (NZ), New Zealand's biggest beer maker, has agreed to buy Panhead Custom Ales from the family of founder Mike Neilson, its second such purchase of a popular craft brewer after the acquisition of Dunedin-based Emerson's Brewing Co in 2012. More>>

ALSO:

Half Empty: Fonterra's 2017 Opening Forecast Below Expectations

Fonterra Cooperative Group raised its forecast farmgate milk payout for next season by less than expected as the world's largest dairy exporter predicts lower prices will crimp production and supply will pick up. The New Zealand dollar fell. More>>

ALSO:

Pest Control: Mouse Blitz Team Leaves For Antipodes

The Million Dollar Mouse project to rid Antipodes Island of mice is underway with the departure of a rodent eradication team to the remote nature reserve and World Heritage Area. More>>

Gongs Got: Canon Media Awards & NZ Radio Awards Happen

Radio NZ: RNZ website The Wireless, which is co-funded by NZ On Air, was named best website, while Toby Manhire and Toby Morris won the best opinion general writing section for their weekly column on rnz.co.nz and Tess McClure won the best junior feature writer section. More>>

ALSO:

Pre-Budget: Debt Focus Risks Losing Opportunity To Stoke Economy

The Treasury is likely to upgrade its forecasts for economic growth in Budget 2016 next week but Finance Minister Bill English has already signalled that more of his focus is on debt repayment than on fiscal stimulus or tax cuts... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news