Adjournment of Hearing

RNS Number : 7456U

Brainspark PLC

21 October 2010

 



21 October 2010

Brainspark plc

("Brainspark or the "Company")

Adjournment by 28 days of 20 October Hearing in Companies Court

Further to the announcement released on 12 October 2010, the Directors of Brainspark have reached an agreement with the creditor and yesterday's hearing was adjourned for 28 days to 17 November.

Brainspark has agreed that, if the amount due to the creditor is not paid by 17 November 2010, it will transfer to the creditor its stakes in two AIM quoted companies, namely 100,000,000 shares in Daniel Stewart & Company plc ("DS") representing 19.6 per cent. of DS and 21,392,829 shares in Vyke Communications plc ("Vyke") representing 11.55 per cent. of Vyke.

Brainspark remains the legal and beneficial owner of these holdings and will retain the voting rights over these holdings. Based on yesterday's closing mid market price the total value of Brainspark's holdings in DS and Vyke is approximately £1.7 million.

In addition, Alfredo Villa, Chief Executive Officer of Brainspark, has given certain personal guarantees to this creditor in relation to the sums due by Brainspark.

The Company intends to place the balance of the convertible bond announced on 4 May 2010, for an amount of £1,045,000 to raise the funds due, before 17 November 2010.

A further announcement will be made in due course.

-ends-

For further information please contact:

Brainspark plc	[phone]
Francesco Gardin, Chairman
Arbuthnot Securities	[phone]
Antonio Bossi
Leander PR	[phone]
Christian Taylor-Wilkinson

 

END

 

 

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