Insetco PLC Final results for year ended 31 December 2014 (3953N)
16 5월 2015 - 1:58AM
UK Regulatory
TIDMINC
RNS Number : 3953N
Insetco PLC
15 May 2015
Insetco plc
("Insetco" or the "Company")
Final results for year ended 31 December 2014 and notice of
AGM
The Group was established in order to participate in the
structuring of financial products with a particular focus on the US
life settlements securitisation markets. The Group's intention is
to acquire, as an agent for clients, US life insurance policies
covering the life of one or more individuals, subject to specific
parameters established with this client base.
Review of the business
The business went through a lot of management change in the year
but the Profit & Loss account result, albeit still a loss, was
a 28% improvement over 2013 as shown below.
The results for the year to 31 December 2014 produced a loss of
GBP386,131 (2013: loss GBP542,839) and net liabilities of
GBP391,698 (2013: GBP391,768). Liabilities were marginally improved
but the overall Balance Sheet position was improved from GBP34k to
GBP211k and the cash position was improved by nearly GBP70k from
2013.
With new directors having joined the board during the year and
potential indications of refinancing and trading activities, we
look forward to further improving the financial position of the
Group.
As previously announced CAIRN resigned as NOMAD on 17(th) April
2015 and thus far we have been unsuccessful in appointing a
suitable replacement.
If the company does not appoint a NOMAD by 7am on Monday 18(th)
May the company's AIM Securities will be cancelled with immediate
effect.
If this is the situation on Monday Insetco will review what
options are available including considering approaching junior
markets like ISDX & GXG as an alternative to AIM.
The company will continue to communicate to shareholders via its
website.
The AGM will be on Friday 19(th) June at 4pm at Steve Monico
Limited, 19, Goldington Road, Bedford MK40 3JY.
Ivan Couchman
Chairman
For further information please visit www.insetco.com
Insetco PLC
Ivan Couchman 07970 377669
Barry Heath 07788 376480
To view the full announcement please click on the following
link.
http://www.rns-pdf.londonstockexchange.com/rns/3953N_1-2015-5-15.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
END
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