31st Jul 2014 11:49
LONDON (Alliance News) - Insetco PLC Thursday said it has acquired a 10% stake in Canadian financial services business, 1299040 Ontario Inc, for GBP60,000.
Insetco said 1299040 Ontario Inc has recently been formed with the intention to place and structure life settlement backed bonds aimed at the North American market. It has attracted a number of investors and owns a number of life settlement policies, the company said.
"It is the opinion of the board that the relationship with 1299040 Ontario Inc will provide the company with opportunities to participate in the structuring of financial products," Insetco said.
London-based Insetco said it has also received a request to convert a further GBP26,200 of convertible loans into 104.8 million shares. Following this conversion, the company will have a total of GBP125,00 of convertible loans outstanding.
Insetco shares were quoted up 7.1% at 0.0750 pence Thursday afternoon.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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