Lombard reverse takeover of ACIL goes unconditional

Lombard Group's reverse takeover of Australian Consolidated Insurance has gone unconditional after it gained acceptances for more than 90% of the Perth-based company's stock.

The takeover offer, under which the failed finance company becomes the shell for a backdoor listing on the New Zealand stock exchange, closed yesterday. ACIL, which manages just under $100 million of insurance premiums across Australia and New Zealand, is proposing the creation of a new NZX-listed entity, Insured Group Ltd.

Lombard had acceptances for 95.28% of ACIL's shares and will move to compulsorily acquire the rest, it said in a statement today. Existing Lombard directors Michael Reeves and David Wallace have resigned and Wayne Miller, Trevor Jacobs, Anne-Marie Syme and Mark Shelton were named to the board.

At the same time Lombard/Insured Group has moved its incorporation to Australia from New Zealand.

Businesswire.co.nz

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