Information RE: Convertible Bond

RNS Number : 1175F

Brainspark PLC

12 June 2012

 



Embargoed until 7am                                                                                                            12 June 2012

Brainspark Plc

("Brainspark" or "the Company")

 

 

Update RE Convertible Bond

The Directors of Brainspark wish to update shareholders regarding the position of the remaining bond holders. Following the announcement on 1 June, the Board is looking to reduce its debt position to zero, in order to clean up its balance sheet ahead of any major future strategic decision. Therefore discussions are currently underway with the remaining owners of the 7% Convertible Bond to convert to Brainspark Ordinary shares.

Further, the Board is in the process of speaking to all existing creditors in order to convert their outstanding cash debt positions, including interest, into Brainspark Ordinary shares.

The outcome of these discussions will be announced to shareholders in due course.

-ends-

For further information please contact:

Brainspark plc                                                                                                       [phone]

Alfredo Villa, Executive Chairman

Cersare Suglia, Chief Executive

Westhouse Securities                                                                                 [phone]

Antonio Bossi

Jonathan Haines

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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