13 Apr 2010 07:00
13 April 2010
Insetco PLC
("Insetco" or the "Company")
Share price clarification
The Company would like to draw shareholders attention to Resolution 3, as set out in the circular to Shareholders dated 16 March 2010 that was passed at the General Meeting (the "GM") held on 1 April 2010 relating to the Restructuring of the Share Capital. Shareholders approved the Consolidation of 161,764,000 Ordinary Shares £0.01 into 291,446 Ordinary Shares of £5.50 each. These ordinary shares of £5.50 each were divided into 291,466 Ordinary Shares of £0.00001 each and 291,466 New Deferred Shares of £5.49999 each. The Deferred Shares will not be traded on AIM.
Following this, Insetco announced on 30 March 2010 that the Company entered into a subscription agreement with ADM Investor Services International Limited ("ADM") to issue 625,000 New Ordinary Shares at £0.001 per share and an agreement with Anthony Batty & Company LLP, administrators, to issue 182,585 New Ordinary Shares at an issue price of £0.001 per share.
Under the terms of the CVA the Creditors accepted at the GM 1,000,000 New Ordinary Shares of £0.00001 per share.
Following this, the total number of shares in issue as at the date of readmission was 2,099,051 Ordinary Shares of £0.00001.
In addition, the Company announced on 9 April 2010 that following this capital restructuring the Company has issued convertible zero coupon loan notes ("Loan Notes") pursuant to a Convertible Unsecured Loan Note agreement dated 6 April 2010 with ADM, under which ADM subscribed for £200,000 Loan Notes.
The Loan Notes are due for repayment by 30 September 2011, or may be converted at a conversion price of 8 pence per ordinary share.
Enquiries
| Insetco PLC Gary Truman
| 020 7309 2280
|
| Charles Stanley Securities Nominated Adviser Russell Cook / Dugald J. Carlean | 020 7149 6000
|