20 Dec 2010 14:53
Insetco PLC
("Insetco" or the "Company")
Issue of Equity
The Board announces that it has received notice from ADM Investor Services International Limited ("ADM"), on behalf of certain of their clients, to exercise warrants over 4,250,000 Insetco ordinary shares (the "Warrants") which have now been issued and allotted to ADM on behalf of these respective clients. Certain other warrant holders have also exercised Warrants in respect of a further 13,870,779 Insetco ordinary shares. The Warrants were issued pursuant to the capital reorganisation of the Company which was approved by shareholders on 1 April 2010.
In addition, the Board announces that under the terms of the Convertible Note agreement dated 1 April 2010 ADM has, on behalf of certain of its underlying clients, exercised conversion rights over £22,650 of Convertible Loan Notes 2012, and that 22,650,000 new ordinary shares in the Company have been issued and allotted to ADM on behalf of these clients.
Accordingly, application has been made for the 40,770,779 new ordinary shares to be admitted to trading on AIM and it is expected that admission will take place on 24 December 2010.
The new ordinary shares will rank pari passu with the existing shares of the Company. Following this allotment, the total issued share capital of the Company will increase to 115,302,650 ordinary shares.
Enquiries:
Insetco plc
Clive Cooke 020 7887 7450
Charles Stanley Securities
Nominated Adviser
Russell Cook / Darren Vickers 020 7149 6000