Business
Holding in Traderserve
Holding in Traderserve.
About this update from Quantum Blockchain Technologies Plc
[{"type":"text","content":"\n Brainspark PLC\n17 May 2007\n\n\n\n\nFOR IMMEDIATE RELEASE 17 May 2007\n\n\n BRAINSPARK PLC ('Brainspark' or 'the Company')\n\n Sale of the shares in Traderserve held by Brainspark\n\nBrainspark today announces that it has sold its holding in Traderserve Limited\n('Traderserve') a software vendor and consultancy firm focused on real-time\ntrading applications for brokers, traders and fund managers.\n\nBrainspark's shareholding which represented 34.6% of the issued share capital of\nTraderserve, has been sold back to existing shareholders of the company and\ntheir associates for:\n\n1) an immediate cash consideration of £75,000;\n\n2) the right to share in the gain from a future sale of TraderServe Shares as\nfollows:\n\nunder the terms of the sale, in the event of a sale of Traderserve\nShares within24 months Brainspark will retain the right to receive a full 34.6%\nof the gain made from such a sale Subsequently, during the following 60 months,\nin the event of a sale of Traderserve shares the 34.6% gain received by\nBrainspark will be decreased by straight line depreciation to an irreducible 5%\nof the gain which continues for the long term;\n\n\n3) Payment of £24,505 to Brainspark for past director's fees will be made pro\nrata with accrued fees due to Traderserve Directors as soon as free cash flow\npermits; and\n\n\n4) Immediate payment of the Brainspark director's fees for the first six months\nof 2007 amounting to £2,500.\n\n\nIn the Brainspark accounts, the book value of Traderserve was fully written\ndown a number of years ago. The transaction will therefore generate a profit of\n£75,000 for the current 2007 Brainspark fiscal year.\n\n By mutual agreement with Traderserve Brainspark Services Ltd, a Director in\nTraderserve, has ceased to be a member of the Traderserve board. Traderserve's\nrevenues for the year ended 31st December 2006 are expected to be £457,000 with\npre-tax profit of around £7,000.\n\n\nFrancesco Gardin, Chairman of Brainspark, commented on the disposal: 'We are\npleased about this transaction and we will use the proceeds for other\ninvestments, and the international growth of the Company. It is gratifying that\nwe have been able to negotiate a continuing participation in the future value of\nTraderserve, which could be significant. We recognise the market potential of\nits advanced algorithm...