For release at 7.30am
27 January 2012
Insetco plc
("Insetco" or the "Company")
Proposed Acquisition Update, Restoration to trading on AIM &
Trading Update
Proposed Acquisition Update
Further to the announcement on 24 November 2011, the Company
confirms that the acquisition agreement entered into between
Insetco and ARM Asset Backed Securities S.A. ("ARM") on 1
September 2011 (the "Acquisition Agreement"), in respect of
the purchase of the assets of ARM, has
now lapsed.
As previously outlined in the Company's announcements, the
acquisition of the assets of ARM (the "Acquisition") was
subject to, amongst other things, the approval of the
relevant regulatory bodies. The decision by the Luxembourg
financial regulator, the Commission de Surveillance du
Secteur Financier ("CSSF") to decline to issue a licence to
ARM and subsequently for the Court in Luxembourg to appoint
Ernst & Young (Luxembourg) as a Supervisory Commissioner of
ARM had significantly extended the timescale of the
regulatory approval process.
Despite further negotiations between Insetco and ARM, in
conjunction with the relevant regulatory bodies and Ernst &
Young (Luxembourg), it has not been possible to agree an
extension to the existing Acquisition Agreement at this
time.
Restoration to trading on AIM
As formal negotiations between Insetco and ARM in respect of
the Acquisition, which would have represented a reverse
takeover pursuant to the AIM Rules for Companies, have now
ceased, Insetco will seek the restoration of trading in its
securities on AIM. Restoration is expected to occur at 7.30am
on 27 January 2012.
Trading Update
On 25 January 2012, the Company entered into an agreement
under which Insetco will arrange for a client to acquire a
portfolio of Senior Life Settlement ("SLS") policies. The
initial agreement involves the acquisition of SLS polices
with an aggregate face value of $25 million. Insetco will
receive a minimum fee of 1 per cent. of the face value of the
SLS policies acquired ($250,000) although the date for
completion of this acquisition has yet to be determined. A
further update will be made in due course.
Enquiries: Insetco plc
Clive Cooke
Sanjeev Joshi 020 7887 7840
Charles Stanley Securities
Nominated Adviser
Russell Cook / Darren Vickers 020 7149 6000
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