Insured Group, the Australian insurer which used Lombard Group for a backdoor listing on the NZX, has withdrawn a prospectus to raise $2.25 million in Australia but details of the announcement have been delayed because managing director Wayne Miller has been hospitalized.
The shares remain in a trading halt in New Zealand pending the announcement. Shareholders have approved plans to delist from the NZX and remain on the ASX and the capital raising was part of the change, with funds earmarked to repay debt.
"The trading halt was requested so that the company could provide an update to the market following a decision by the company to withdraw the prospectus which it had lodged with the Australian Securities & Investments Commission for the capital raising approved by shareholders on 9 March," it said in a statement.
"Due to the hospitalization of Wayne Miller, the company has not been able to finalise this announcement," the Perth-based company said. A statement is expected in the next 24 hours.
Insured Group last traded at 4 cents on the NZX and have jumped 100 percent this year.