Insured Group shareholders have agreed to delist on the New Zealand Stock Exchange (NZX) and apply for a listing on the Australian Securities Exchange. They also agreed to raise $2.25 million through a public float.

Both motions were passed on a show of hands at a special meeting held in Perth and Wellington last week. Proxy votes were also in favour of the two motions.

Meanwhile, Insured Group has reported a $1.1 million after-tax loss for the six months ending December 31. This compares to a $3.7 million loss for the corresponding period in 2010.

MD Wayne Miller says the continuing losses are due to a fall in revenue after the sale of two New Zealand businesses and one in Australia.

“On a brighter note, the reduction in the loss between the two reporting periods is a result of significant lower operating business leases, lower employment costs and one-off legal and other compliance costs,” he said in a statement to the NZX.

“Insurance broking operations in the key regions of WA continue to improve together with the continuous reduction of debt levels providing the board with confidence that the company remains attractive for potential capital-raising prospects.”

Revenue for the six months ending December 31 was $1.8 million, compared to $2 million in the corresponding 2010 period.

Total current assets at December 31 stood at $3.9 million compared to $8.2 million 12 months previously. Non-current assets were at $12 million at December 31, compared to $16.3 million at December 31, 2010.

Insured Group’s issued capital at December 31 was $5 million, but accumulated losses now stand at $7.5 million. The company’s accounts show a total deficiency of $1.9 million.

The company’s auditors, Grant Thornton, have again expressed concerns about “the material uncertainty which may cast significant doubt about the consolidated entity’s ability to continue as a going concern”.

In the notes accompanying the accounts, Insured Group directors say they believe the capital-raising will be successful and the business will return to delivering a net profit by managing expenditure and from revenue growth in its joint venture with new shareholder Priority One.