LONDON (Alliance News) - Insetco PLC shares were down heavily Thursday afternoon after the company said it is experiencing a further delay to its life settlement administrative services contract signed last year and has yet to receive the funds due on the deal.
Insetco said its partners are still conducting due diligence into the policies involved in the orders, meaning Insetco has not yet received the USD300,000 due on completion of the orders.
Announcing the original deal in November last year, the company said it would receive the first revenue from the deal, totalling USD300,000 by the end of 2014.
The deal had already been delayed from the original deadline and, in February, Insetco said it was working towards concluding the deal.
Insetco shares were down 32% to 0.058 pence on Thursday, one of the worst performers in the London Main Market.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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