Convertible Bond and Court He

RNS Number : 3896W

Brainspark PLC

18 November 2010

 





18 November 2010

Brainspark plc

("Brainspark" or the "Company")

Court hearing and closing of convertible bond

Brainspark announces that it has completed the placing of the £10m convertible bond announced on 4 May 2010 (the "Convertible Bond"). Proceeds from the placing of the Convertible Bond have been applied to satisfy the outstanding debt due to the creditor referred to in the announcements of 12 and 21 October 2010.

As a result, Brainspark has agreed with this creditor to adjourn by a further 14 days, to 1 December 2010, the hearing in Companies Court, in order to allow for the final calculations of the legal fees and accrued interest due in relation to the resolution of this matter.

As a result of the above, the commitment to transfer to the creditor Brainspark's interest 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, will be waived.

A further announcement will be made after the 1 December 2010 hearing.

-ends-

For further information please contact:

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

.

 

END

 

 

MSCGGGCWGUPUPWM