Executive Summary
Insetco's strategy is to participate in business that specializes in the fields of financial products. In particular the Company's focus is on the life insurance settlement market, which involves the acquisition of life insurance policies covering the life of one or more individuals with an “ascertainable and limited” life expectancy. The policy owner is paid a lump sum in cash in exchange for transferring the rights of ownership of the policy to the buyer. The amount paid to the seller is calculated based on the specific life expectancy of the underlying insured and may be stated as a percentage of the policy’s face amount. It intends to either acquire or invest in a company or a business that owns or operates the trading platform or systems for the life insurance markets and the Directors believe that such a transaction has the potential to create value for Shareholders through the capital appreciation of the investment over time and/or where appropriate through dividends. Such investment will be actively managed and it is anticipated will be held for the long term
Company History
Insetco was formerly named ASG Media plc and announced the appointment of Administrators on 2 November 2009 at which time dealings in the Company's shares were suspended. The Company announced on 26 November 2010 that the Administrators had sold the business and assets of the Company's trading subsidiaries for GBP155,000, and certain other assets for a further GBP20,000. The Administrators stated that after the sale of the Company's assets that they believed there will be insufficient assets to meet the Company's liabilities in full.
The Company stated on 30 December that the Board was seeking to undertake a restructuring of the business and that it had changed the accounting reference date from 30 June to 31 December. The Report and Accounts for the 18 months to 31 December 2009 were published on 22 January 2010.
The Company announced on 30 March 2010 details of a Proposed Company Voluntary Arrangement (the "CVA"), a Fundamental Change of Investing Strategy, share capital reorganisation and change of name to Insetco plc
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