16 Aug 2010 12:55
16 August 2010
Insetco PLC
("Insetco" or the "Company")
Trading update
The Company announced on 14 May 2010 that it had received an order to acquire Life Settlement Polices with a final benefit of approximately US$30m on behalf of certain institutional investment clients. On 25 May 2010 Insetco announced that it had received a further order to acquire policies, on behalf of institutional investors, to a value of approximately US$50m. The Company announced that it anticipated total net fees of approximately US$2.0m for its work in sourcing and structuring these transactions and that it expected to receive the fees by the end of August 2010.
The Company is continuing to process these orders, and is encouraged that it has identified further similar opportunities. In order to optimise the structure of the Special Purpose Vehicles, for the benefit of offshore investors, the Company is working closely with legal and other advisers, which has extended the timescales for completing these transactions. It has become clear that structuring and implementing these and other policies will take considerably longer than originally anticipated. Consequently, revenues from fees for these services for the current year will be significantly lower than previously indicated.
Insetco will be announcing its interim results for the six months to 30 June 2010 on 18 August 2010. The Company will be announcing shortly thereafter, details for the planned development of the business to focus upon the advising and structuring of the acquisition of US life insurance policies.
Enquiries:
Insetco plc
Charles Woodworth +1 212 584 5667
Clive Cooke +44 7715 172772
Charles Stanley Securities
Nominated Adviser
Russell Cook / Dugald Carlean 020 7149 6000