Re China IPO agreement

RNS Number : 9399N

Brainspark PLC

26 February 2009

 



For immediate release                                                                                                   26 February 2009 

BRAINSPARK Plc

('Brainspark' or 'the Company')

THREE DIRECTORS APPOINTED TO THE BOARD OF LONDON ASIA CAPITAL PLC

London Asia Capital plc, whose shares were recently  delisted from AIM, has agreed in principle with China IPO Group plc, a wholly owned subsidiary of Brainspark plc, to provide the services of three Directors of China IPO Group plc, namely the Earl of Cromer, Professor Francesco Gardin and Dennis Bailey MSI, as Directors of London Asia Capital plc. Subject to formal binding agreements, it is intended that China IPO Group plc will receive a consideration of up to a maximum of 43,650,532 shares, equivalent to 12% of the enlarged issued share capital in London Asia Capital plc, conditional upon London Asia Capital plc shares being relisted on AIM with a market capitalisation in excess of £15 million sometime before 30 June 2011.  Brainspark plc will also have an option to acquire 10 million shares in London Asia Capital plc at a price of 5p at any time before 31 December 2012.  A full statement of the terms will be issued as soon as formal agreements have been entered into.

For enquiries, please contact:

Dennis Bailey, Brainspark plc                          01628 477785

Roland Cornish, Beaumont Cornish Limited    020 7628 3396

 

END

 

 

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