5 Feb 2015 17:48
05 February 2015
Insetco plc
("Insetco" or the "Company")
Loan Note Conversion and Issue of Equity
The Company advises that has received the following requests to convert loans into shares:
Amount | Conversion Price | New Ordinary Shares | Percentage of Issued Share Capital following Admission |
£100,000 | 0.1p | 100,000,000 | 9.3% |
Following the requests for conversion, the Company will have a total of £227,500 of convertible loans outstanding, comprising £82,500 which can convert at 0.025p per share and £145,000 which can convert at 0.1p per share, resulting in a maximum issue of new equity of 475,000,000 new ordinary shares.
In addition to the amounts stated above, as advised on 29 December 2014, the Company is still in discussions with a holder of unsecured loan notes totalling £40,000 to vary the terms of this loan.
Issue of Equity
Application will be made for admission of 100,000,000 new ordinary shares in the Company to the London Stock Exchange which is expected to occur on or around 12 February 2015. 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 1,070,449,762 ordinary shares of 0.001p 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 FCA's Disclosure and Transparency Rules.
Insetco plc | |
Barry Heath | 020 7866 0639 |
Ivan Couchman | 07970 377669 |
Cairn Financial Advisers LLP (Nominated Adviser) | |
Jo Turner / Liam Murray | 020 7148 7900 |