Insured Group still remains suspended by the New Zealand Stock Exchange (NZX) for failing to release its 2011 annual report.

In a notice to shareholders giving details of its AGM, Insured Group says it has released the report on its website, but nothing had appeared on the site by the insuranceNEWS.com.au publication deadline today.

The personal assistant of Insured Group MD Wayne Miller told insuranceNEWS.com.au the report would be available “shortly”.

At the AGM on November 30, the company is proposing to reduce the number of shares on offer. Currently there are 1.5 billion shares issued and the proposal is to reduce this to about 15 million by consolidating every 100 shares into a single share.

The company says the move is to head off share price volatility due to the large number being listed in the NZX. As a result, Insured Group has more shares issued than comparable companies on the exchange.

There are also “negative perceptions associated with the low share price”, the shareholder notice says.

The share price has remained static at $NZ.001 ($0.0007), giving Insured Group a market capitalisation of $NZ1.5 million ($1.15 million).

If shareholders approve the proposal, the consolidation will take place on December 5.