6 Jun 2011 12:52
6 June 2011
Insetco PLC
("Insetco" or the "Company")
Director's shareholding
Insetco announces that Clive Cooke, Chief Executive, has today acquired a CFD interest over 300,000 Insetco ordinary shares (the "Shares") at a reference price of 9.5p per share. The acquisition of a CFD over the Company's shares represents a director's deal pursuant to the AIM Rules. Following the share purchase Clive Cooke has an economic interest over a total of 300,000 Insetco ordinary shares representing 0.18% of the Company's total voting rights.
The Shares were sold by Grayson Marketing Limited ("Grayson Marketing"), in accordance with the terms of the Orderly Market Agreement dated 1 February 2011 which was entered into in connection with the Company's acquisition of Saolpoll (Jersey) Limited and related business assets from Grayson Marketing and others, details of which were announced on 10 February 2011. Following the sale of the Shares, and a further 1,950,000 Insetco ordinary shares, Grayson Marketing has today entered into a Lock-in Agreement under the terms of which Grayson Marketing agrees to sell none of its remaining interest of 14,143,482 Insetco ordinary shares (representing approximately 8.6 % of the Company's total voting rights) until at least 28 February 2013, save in certain specific circumstances.
As announced on 5 May 2011, the Company still anticipates that the SLS Issuance Programme (as detailed in the Admission Document issued on 10 February 2011) will be launched before 30 June 2011. The directors remain confident that the income from the SLS Issuance Programme will ensure that the Company has sufficient cash resources to meet its ongoing working capital requirements. Nevertheless should the anticipated income from the SLS Issuance Programme be delayed, in accordance with the irrevocable undertakings given by the Directors and Investa AG as set out in the Admission Document, the Company is preparing the issue of a further Convertible Loan Note (the "CLN"), to raise up to GBP200,000. Details of the CLN will be announced if and when the Board decide to proceed with the issue.
Enquiries:
Insetco plc
Clive Cooke 020 7887 7840
Charles Stanley Securities
Nominated Adviser
Russell Cook / Darren Vickers 020 7149 6000