Broking and underwriting agency group Australian Consolidated Insurance Ltd (ACIL) has cleared another major hurdle in its plan to “reverse list” on the New Zealand Stock Exchange through the shell of financial services firm Lombard Group.

A special Lombard shareholders’ meeting last week approved recommendations to make the reverse takeover offer following an earlier green light from the New Zealand Stock Exchange.

Shareholders will have access to a buyback offer that closes on April 10.

Under the terms of the unusual proposal, Lombard plans to acquire 100% of ACIL unlisted ordinary shares and options, subject to final approval. All ACIL business would become part of the NZX-listed entity Lombard Group.

Lombard is the parent of Lombard Finance and Investments, which went into receivership in 2008 owing $NZ127 million ($99 million) to about 4400 investors.

ACIL claims the transaction, which it previously said would provide access to capital and market opportunities, will create the only NZ Stock Exchange-listed general insurance intermediary group.

Chairman and MD Wayne Miller did not return calls from insuranceNEWS.com.au seeking further details.