Brainspark PLC
26 July 2002
26th July, 2002
BRAINSPARK PLC
('Brainspark' or 'the Company')
Further re Infusion Talks
At the Annual General Meeting of Brainspark held on 24 July, 2002, shareholders
approved the resolution to grant the Directors authority to issue sufficient
ordinary shares in connection with the potential transaction announced by the
Company on 20 May 2002 (namely the acquisition of a number of shareholdings
which have been selected by Brainspark and are held by the Italian Company
Infusion S.p.A., incubator of AISoftware S.p.A. - controlling company of both
Brainspark and Infusion) (the 'Transaction').
As announced on 20 May, 2002 the Transaction will be structured so that it does
not constitute a reverse takeover within the AIM Rules. The fall in the
Company's share price since that date has resulted in the two parties agreeing
that the Transaction will only take place if and when the Company's share price
is at least 3.75 pence per share, the price of the shares on that date, which is
less than the Independent Directors' view of the net asset value of the Company.
This view is reinforced by an independent valuation carried out by Ernst &
Young LLP on behalf of Infusion as a preliminary to the Transaction.
This information is provided by RNS
The company news service from the London Stock Exchange
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