Brainspark PLC
15 August 2002
15th August, 2002
BRAINSPARK PLC
('Brainspark' or 'the Company')
Loan to Infusion S.p.A. ('Infusion')
Brainspark announces that, following the announcement made on 26th July, 2002
regarding the potential acquisition of a number of portfolio investments held by
Infusion, it made a loan of £1 million to Infusion on 8th August 2002. The loan,
which is repayable in full on the first anniversary of its draw down, bears
interest at fixed rate of 5.5 per cent. and is secured by a charge over a
portfolio asset of Infusion which has been independently valued at a figure in
excess of the amount of the loan.
AISoftware S.p.A. ('AIS') owns 65.5 per cent. of the issued capital of
Brainspark and 99.9 per cent. of the issued capital of Infusion. Accordingly,
the loan is classified as a related party transaction under the AIM rules.
The directors of Brainspark who are independent of AIS consider, having
consulted with the Company's nominated adviser, that the terms of the
transaction are fair and reasonable as far as Brainspark's shareholders are
concerned.
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