21 Dec 2010 14:15
21 December 2010
Insetco PLC
("Insetco" or the "Company")
Settlement of ASG Media creditors
At the Company's General Meeting held on 6 April 2010 shareholders approved various proposals relating to a restructuring of the Company including a Company Voluntary Arrangement ("CVA").
Under the terms of the CVA, details of which were announced on 30 March 2010 and which has now been completed, creditors were allocated a total of 1,000,000 Insetco new ordinary shares (the "CVA Shares"), divided among established creditors of the Company at the time of the CVA. The CVA Shares, which represent approximately 0.87 per cent of the current issued share capital, were issued and allotted to Antony Batty, in his capacity as the supervisor of the CVA, on behalf of eligible creditors and the CVA Shares admitted to trading on AIM on 9 April 2010. Antony Batty has now established those creditors eligible to receive an allocation of the CVA Shares and these shares have now been transferred to eligible creditors, and share certificates have been issued.
Included amongst the eligible creditors is Mr Gary Truman, a Non-Executive Director, who has been allocated 71,697 CVA Shares in settlement of total loans provided to the Company in 2009 and other relevant amounts due to Mr Truman of £255,375. Following the transfer, Mr Truman has a holding of 71,697 ordinary shares representing 0.06 per cent. of the Company's issued share capital.
Enquiries:
Insetco plc
Clive Cooke 020 7887 7450
Charles Stanley Securities
Nominated Adviser
Russell Cook / Darren Vickers 020 7149 6000