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

 

R18: The Warehouse Group Praised For Removing Games

The decision by New Zealand’s largest retailer The Warehouse Group (TW Group), to withdraw stocks of the latest version of Grand Theft Auto V (GTA V) and other R18 games, has been praised by advocacy group Stop Demand Foundation. More>>

ALSO:

Air NZ Wine Awards: Victory For Villa Maria As Pinot Noir Thrills

It was a night to remember as Villa Maria Estate picked up one of the highest accolades of the evening, the O-I New Zealand Reserve Wine of the Show Trophy, at the 28th Air New Zealand Wine Awards. The Villa Maria Single Vineyard Southern Clays Marlborough ... More>>

ALSO:

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news