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Insetco Issues 120 Million Shares On Loan Conversion (ALLISS)

Fri, 20th Feb 2015 11:30

LONDON (Alliance News) - Insetco PLC Friday said it has converted GBP120,000 of debt into 120 million new shares, representing 10% of its enlarged share capital, at a conversion price of 0.1 pence per share.

In a statement, the company said the share issuance follows requests to convert loans into shares.

Following the requests, the company will have GBP107,500 of convertible loans outstanding.

The company said it is still in talks with a holder of unsecured loan notes of GBP40,000 about varying the terms of the loan.

Insetco shares were up 4.7% at 0.089 pence on Friday.

By Samuel Agini; samagini@alliancenews.com; @samuelagini

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