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About this update from Quantum Blockchain Technologies Plc
[{"type":"text","content":"\n RNS Number : 2465X Brainspark PLC 20 June 2008 \n \nFor immediate release \n20 June 2008 \n\nBrainspark plc \n('Brainspark' or the 'Company')\n\nBackground\n\nOn 8 November 2006, the Company announced that it had sold an investment in return for US$1 million (£512,100) of commercial debt in Geosim Limited (in which the Company, holds fully diluted 42.11. per cent. of the issued equity). This debt is repayable by no later than Geosim Board approval of 31 December 2009 results\n\nAs part of the original security arrangements for the loan (which included a personal guarantee for Prof. Gardin, the Chairman of the Company), Prof. Gardin provided the Company with the benefit of a second charge on a property controlled by him (the 'Property').\n\nThe loan secured by a first charge on the Property has now been substantially repaid and Prof. Gardin has informed the Company that he wishes to create a replacement first charge in an amount of Euro 600,000 (£475,000). The Company has, as set out below, agreed to this in return for an extension of the due date of loan notes due to Prof. Gardin and additional security arrangements. The Property was valued by Geom. Fabio Moretto a registered real estate assessment expert on 15 January, 2008 at Euro 1.25 million £985,000 on the basis of a formal assessment report signed by the expert.\n\nTransaction\n\nThe Company has today entered into a deed of priorities (the 'Deed') with bank BCC del Polesine and S.I.C.I. sas ('SICI'), a company controlled by Professor Francesco Gardin, a director of the Company, in respect of charges over the Property. The Property is a 18th century palazzetto located in via Miani 20, Rovigo Italy and has been valued by Geom. Fabio Moretto a registered real estate assement expert at Euros 1,250,000. It is owned by S.I.C.I. sas, a family estates company controlled by Prof. Gardin.\nA current first charge over Property is held by bank BNL, who are presently owed approximately £24,000.\nThe Company holds a second charge over Pro...