22 May 2014 15:33
22 May 2014
Insetco plc
("Insetco" or the "Company")
Loan note conversion, issue of equity and total voting rights
The Company announces that it has held discussion with holders of unsecured loans totalling £253,700 granted in 2013 to vary their terms. Of this sum, it has been agreed that loans totalling £213,700 will become convertible into new ordinary shares at a price of 0.025p per share. The convertible loans are interest free and may be converted immediately. As a result of the discussions, the Company has received a request to convert £20,000 of convertible loans into 80,000,000 shares.
Following this conversion, the Company will have a total of £193,700 of convertible loans outstanding.
The Board of Insetco is in discussion with the holder of the remaining £40,000 of unsecured loans to agree to vary the terms of these loans on the same basis as set out above.
Issue of Equity
Following the conversion described above, application has been made for 80,000,000 new ordinary shares in the Company to the London Stock Exchange which are expected to occur on or around 29 May 2014. The new ordinary shares will rank pari passu with the existing ordinary shares.
Total Voting Rights
Following the issue of equity described above, the so enlarged issued share capital of the Company will comprise 303,983,096 ordinary shares of £0.00001 each. Each ordinary share carries the right to one vote at general meetings of the Company. The Company does not have any ordinary shares in treasury.
This may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FSA's Disclosure and Transparency Rules.
Insetco plc |
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Julian Seidman | 07958 904 130 |
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Cairn Financial Advisers LLP |
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Jo Turner / Liam Murray | 020 7148 7900 |