Business
Update re loan stock
Update re loan stock.
About this update from Quantum Blockchain Technologies Plc
[{"type":"text","content":"\n Brainspark PLC\n08 March 2006\n\n\nFor immediate release 8 March 2006\n\n\n BRAINSPARK PLC\n\n ('Brainspark' or the 'Company')\n\n\n Update re Loan Stock\n\n\n\nOn 2nd December, 2005 Brainspark announced that it had raised £850,000 by the\nissue of £850,000 of interest free loan stock (the 'Loan Stock') convertible\ninto ordinary shares of 0.01p each in Brainspark ('shares') at a price of 0.46p\nper share on or before 31st March, 2006. The shares to be issued rank pari passu\nin all respects with the existing shares in issue.\n\n\nTwo of the subscribers for the Loan Stock were:\n\n+----------------------------------------+-----------------+--------------+\n| |Amount subscribed|No of shares |\n| | | |\n| |£ |on conversion |\n+----------------------------------------+-----------------+--------------+\n|Francesco Gardin, Chairman |378,850 |82,358,695 |\n+----------------------------------------+-----------------+--------------+\n|Luigi Fogliani (who is not a Director) |135,246 |29,401,304 |\n+----------------------------------------+-----------------+--------------+\n\n\nOn 3rd January, 2006 it was announced that Professor Gardin had converted part\nof his Loan Stock and that all other subscribers, including Mr. Fogliani, had\nconverted all of their Loan Stock into shares and that the resultant\nshareholdings of Professor Gardin and Mr. Fogliani, together with shares held\npreviously by Professor Gardin, were as follows:-\n\n+--------------------------------------+-------------+-----------+-------------+\n| |Shares held |New Shares |% of enlarged|\n| | | | |\n| |before 3rd |Following |Issued |\n| | | | |\n| |January, 2006|conversion |capital |\n+--------------------------------------+-------------+-----------+-------------+\n|Francesco Gardin, Chairman |31,903,278 |36,000,000 |20.53% |\n+--------------------------------------+-------------+-----------+-------------+\n|Luigi Fogliani (who is not a Director)| |29,401,304 |8.89% |\n+--------------------------------------+-------------+-----------+-------------+\n\n\nProfessor Gardin has indicated that he would like to convert further amounts of\nhis outstanding £207,808.33 worth of Loan Stock into shares and raise his\npersonal shareholding to 29.99%.\n\n\nHowever, the Panel on Takeovers & Mergers ('the Panel') has indicated that,\nbecause Mr. Fogliani is a relative of Prof...