4th Mar 2015 16:43
(An item published a 1531 GMT misstated the amount of shares allocated to each company due to an error by the issuer. The correct version follows.)
LONDON (Alliance News) - Insetco PLC Wednesday said it has issued 290 million shares at 0.025 pence each after receiving loan note conversion notices from Zentar Securities Ltd and ADM Investor Services International Ltd.
ADM Investor has been issued with 40 million shares for a total of GBP10,000 while Zentar has been issued with 250 million shares for GBP62,500.
Following the conversions, Insetco said it has GBP35,000 of convertible loan notes outstanding, comprising of GBP10,000 which can be converted at 0.025 pence and GBP25,000 which can be converted at 0.1 pence, it said.
The total outstanding convertible loan notes are on top of GBP40,000 of unsecured loan notes. The company said it is still in discussions with the holder of the unsecured notes to "vary the terms of this loan," it said.
Insetco shares were down 3.2% to 0.0920 pence per share on Wednesday afternoon.
By Joshua Warner; [email protected]; @JoshAlliance
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