Business
Interim Results and LAC Updat
Interim Results and LAC Updat.
About this update from Quantum Blockchain Technologies Plc
[{"type":"text","content":"\n RNS Number : 9928Z Brainspark PLC 30 September 2009 \n \n\n\n\n30 September 2009\n\nBrainspark plc\n('Brainspark or the 'Company')\n\nUnaudited interim results for the six month period ended 30 June 2009\n\nUpdate on London Asia Capital plc arrangements\n\n\nChairman's Statement\n\nIn the six months ended 30 June 2009, the Company made a loss before taxation of £194,000, compared to a profit in the comparative period last year of £12,000. Brainspark's efforts in the period were devoted to the development of China IPO Group PLC ('China IPO'), our wholly-owned investment company focusing on opportunities in China, and the finalising of the contract between London Asia Capital plc ('LAC') and China IPO which was signed on 30 June 2009. In addition, Brainspark's management continued to realise value from its existing UK asset portfolio, with proceeds being utilized to develop its Chinese operations. \n\nFinancial Summary\nThe consolidated net asset value at 30 June 2009 was £1.05 million, down from £1.24 million at 31 December 2008. At 30 June 2009, Brainspark's mid-market share price of 0.225p valued the company at £0.74 million against a consolidated net asset value of £1.05 million. The Group's cash position at 30 June 2009 was £183,000.\n\nFirst Half 2009 Events\nA General Meeting was held on 22 April 2009, where the Company requested the consent of its shareholders to eliminate (i) its share premium account and (ii) the deferred shares of 0.01 penny each that were created in 2005 (the 'Deferred Shares'). At the same time, the Company requested shareholders' consent to eliminate the Deferred Shares. All resolutions were approved by shareholders and the capital reduction has been granted.\n\nOn 30 June 2009 China IPO agreed new terms with LAC. Under these new terms China IPO was entitled to receive a success fee based solely on the return of cash to LAC shareholders. The agreement provided that China IPO would receive a rising percentage fee of the cash returned to LAC shareholders on or before 31st December 2012. As detailed below Brainspark has today accepted an offer to terminate this agreement with LAC.\n\nPortfolio Review\nIn the...