Court Hearing

RNS Number : 8007W

Brainspark PLC

03 February 2012

 



3 February 2012

Brainspark plc

("Brainspark" or "the Company")

Court Hearing

Brainspark plc (AIM: BSP), a fast growing international investment company announces that on 30 January 2012, a winding up order was made against the Company in relation to the non payment of a debt of £62,326.14.  The certified Net Asset Value of the Company is £15.9 million. The ruling was unexpected as the Company believed it had reached an agreement with the petitioning creditors in advance of the hearing, in the knowledge that funds far in excess of the petition debt were due to the Company within a short time frame

Brainspark has instructed its lawyer to appeal against the decision and apply for the recission of the winding up order, and is making payment of the amounts claimed by the petitioning creditors today 3 February 2012. The directors of the Company hope that in the light of this action, the winding up order will be rescinded by the court.

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For further information please contact:

Brainspark plc                                                                                           [phone]

Alfredo Villa, Chairman and CEO

Arbuthnot Securities                                                                          [phone]

Antonio Bossi

Leander PR                                                                                       [phone]

Christian Taylor-Wilkinson

About Brainspark Plc

Brainspark plc (AIM: BSP) is an AIM listed investment company pursuing a dynamic strategy to create a comprehensive portfolio of companies primarily encompassing the interactive media, leisure, entertainment and financial services sectors mainly in Italy but also other European countries. The company may be either a passive or active investor and Brainspark's investment rationale ranges from acquiring minority positions with strategic influence through to larger controlling positions.

 

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