15 May 2015 17:58
Insetco plc
("Insetco" or the "Company")
Final results for year ended 31 December 2014 and notice of AGM
The Group was established in order to participate in the structuring of financial products with a particular focus on the US life settlements securitisation markets. The Group's intention is to acquire, as an agent for clients, US life insurance policies covering the life of one or more individuals, subject to specific parameters established with this client base.
Review of the business
The business went through a lot of management change in the year but the Profit & Loss account result, albeit still a loss, was a 28% improvement over 2013 as shown below.
The results for the year to 31 December 2014 produced a loss of £386,131 (2013: loss £542,839) and net liabilities of £391,698 (2013: £391,768). Liabilities were marginally improved but the overall Balance Sheet position was improved from £34k to £211k and the cash position was improved by nearly £70k from 2013.
With new directors having joined the board during the year and potential indications of refinancing and trading activities, we look forward to further improving the financial position of the Group.
As previously announced CAIRN resigned as NOMAD on 17th April 2015 and thus far we have been unsuccessful in appointing a suitable replacement.
If the company does not appoint a NOMAD by 7am on Monday 18th May the company's AIM Securities will be cancelled with immediate effect.
If this is the situation on Monday Insetco will review what options are available including considering approaching junior markets like ISDX & GXG as an alternative to AIM.
The company will continue to communicate to shareholders via its website.
The AGM will be on Friday 19th June at 4pm at Steve Monico Limited, 19, Goldington Road, Bedford MK40 3JY.
Ivan Couchman
Chairman
For further information please visit www.insetco.com
Insetco PLC
Ivan Couchman 07970 377669
Barry Heath 07788 376480
To view the full announcement please click on the following link.
http://www.rns-pdf.londonstockexchange.com/rns/3953N_1-2015-5-15.pdf