22 Feb 2012 11:37
22 February 2012
Insetco plc
("Insetco" or the "Company")
Trading Update
The Company is pleased to announce that it has received a non-recurring performance fee of $1.03m (£650,000) in relation to the structuring of certain life policies that were funded by a client in July 2010. The fee is receivable following the maturity of these policies.
The receipt of the $1.03m has a significant impact on the Company's working capital position and will allow greater resources to be focused on the on-going development of the Company's issuance programme. Whilst the distribution of the Company's first securitised product, the Senior Life Settlements issue programme has not been possible at this time, the Company expects to continue to receive a fee in respect of the Profit Participating Note referred to in the Company's announcement on 16 December 2011.
The Company also announces that the Company has repaid £72,500 of Convertible Loan Notes ("CLN") that were due for repayment 31 January 2012. A further £217,500 of CLN that were also due for repayment have been extended until 31 January 2013 on identical terms save that the conversion price will be 7p per share rather than 14.5p per share and that the compulsory conversion price shall be 20p per share rather than 29p per share.
Enquiries:
Insetco plc
Clive Cooke
Sanjeev Joshi 020 7887 7840
Charles Stanley Securities
Nominated Adviser
Russell Cook / Darren Vickers 020 7149 6000