3 Oct 2011 08:17
3 October 2011
Insetco plc
("Insetco" or the "Company")
Issue of Convertible Loan Note
Further to the Company's half-yearly results announcement on 30 September 2011, the Company confirms that it has issued £50,000 of 8 per cent. Convertible Unsecured Loan Notes 2012 (the "CLN") to ADM Investor Services International Limited ("ADM") on 15 September 2011.
The CLN are due for repayment on 15 September 2012 or, on the election of the noteholders, may be converted in whole or in part into new Insetco ordinary shares ("Ordinary Shares"), at a conversion price of 14.5 pence per o
Ordinary Share.
Full conversion of the CLN would result in the issue of 344,828 new Ordinary Shares, representing 0.21 per cent. of the issued share capital (as enlarged thereby) of the Company.
ADM is considered a related party for the purposes of the AIM Rules for Companies, as a result, and in accordance with AIM Rule 13, the directors, having consulted with Charles Stanley Securities as nominated adviser, consider that the terms of the CLN issue are fair and reasonable insofar as the Company's shareholders are concerned.
Enquiries:
Insetco plc
Clive Cooke (CEO)
Sanjeev Joshi 020 7887 7840
Charles Stanley Securities
Nominated Adviser
Russell Cook / Darren Vickers 020 7149 6000