INC.L Regulatory News (INC)

RNS Number : 5116P

Insetco PLC

19 July 2010

 

 

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

 

 

This information is provided by RNS

The company news service from the London Stock Exchange