19 Jul 2010 07:00
Insetco PLC
("Insetco")
Issuance of 8% Convertible Loan notes
19 July 2010
The Company announces that it has issued 8% Convertible Unsecured Loan Notes of £350,000 to ADM Investor Services International Limited ("ADM") and £150,000 to Fairbairn Nominees (Jersey) Limited.
The Loan Notes are due for repayment by 31 July 2012, or, on the election of the noteholder, may be converted in whole or in part at a conversion price of 40 pence per ordinary share. In the event that the Company's share price trades for 10 consecutive business days at 80p per share or more, conversion of the Loan Notes will be automatic.
Full conversion of both amounts would result in the issue of 1,250,000 new ordinary shares, representing 2.1% of the enlarged issued share capital.
The proceeds of the Loan Notes will provide capital to the business in order to develop and market new products based on derivatives written on Life Insurance policies
Enquiries:
Insetco plc
Charles Woodworth +1 212 584 5667
Gary Truman 020 7851 7084
Charles Stanley Securities
Nominated Adviser
Russell Cook / Dugald J. Carlean 020 7149 6000