Business
Issue of loan stock
Issue of loan stock.
About this update from Quantum Blockchain Technologies Plc
[{"type":"text","content":"\n Brainspark PLC\n02 December 2005\n\n\nFor immediate release 2 December 2005\n\n Brainspark plc\n ('Brainspark' or the 'Company')\n £850,000 Loan Stock\n\nThe Company announces that (in accordance with an in principle decision by the\nBoard on 28 September 2005) it has agreed to issue a further £545,000 tranche of\nthe Loan Stock, the initial issue of which was announced on 22 July 2005. This\nis in order to provide the Company with necessary additional working capital to\nbe used for potential investments, the repayment of £111,229 of debt to Cross\nAtlantic which, in accordance with its terms, is overdue and the termination\nsettlement of £176,000 including tax (in accordance with contractual terms) with\nMr Agosta who has today resigned from the Board as referred to below. Brainspark\nis today a debt free company.\n\nThe total raised by both tranches of loan stock is therefore £850,000. The Loan\nStock is interest free and is repayable if not converted by 31 March 2006. In\naccordance with the formula announced in 22 July 2005, the Loan Stock is\nconvertible into ordinary shares of 0.01p each in Brainspark at a price of 0.46p\nper share. The ordinary shares to be so issued will rank pari passu in all\nrespects with the existing ordinary shares in issue It is a term of the Loan\nNotes that the holders agree on lock-in arrangements such that they will not\nsell or otherwise dispose of any shares arising from conversion for a period of\n12 months from the date of such conversion. The subscribers to the second\ntranche also have agreed that such lock-in arrangements apply to the loan stock\nthey subscribed for in the first tranche. The final date for the payment of\nsubscription monies for the loan stock is 10 December 2005.\n\nThe subscribers for the loan stock (including both tranches) include the\nfollowing Directors of Brainspark and associated parties:\n\n Amount subscribed Number of shares on\n £ Conversion\n\nFrancesco Gardin, Chairman 378,850 82,358,695\n\nAlfredo Villa, Director 236,390 51,389,130\n\nLuigi Fogliani, relative of the\nChairman by marriage 135,246 29,401,304\n\nDennis Bailey, proposed Director 50,000 10,869,565\n\nAccordingly the transaction is a related party transaction under AIM Rule 13.\n\nThe Directors, other the Messrs. Gardin and Villa, having consulted with the\nCompany's Nominated Adviser, ...