29 Jun 2011 07:30
Brainspark plc
("Brainspark" or "the Company")
Annual Accounts, Possible Reverse Takeover and Suspension
The Board of Brainspark announces that the Company is not in a position to publish its annual audited accounts (the "Accounts"), for the year ended 31 December 2010, by 30 June 2011 as required by the AIM rules, as the audited accounts for some of its investee companies for the year ended 31 December 2010 have not yet been received.
In addition, the Company is currently in advanced discussions, which may or may not lead to an acquisition of four Italian real estate assets in the leisure sector (the "Acquisition"). Importantly, in order for this acquisition to be completed, the Company will need to publish its net asset value as at 31 December 2010 on the basis of up-to-date accounts for the various investments of the Brainspark group.
If discussions are successfully completed, the Acquisition would be considered a reverse takeover under the AIM Rules and therefore would require the approval of shareholders.
In accordance with the AIM Rules, trading in the Company's ordinary shares will be suspended from 7.30 a.m. this morning, pending publication of the annual audited accounts and of a re-admission document which will include, among other things, such accounts.
Brainspark will provide shareholders with a further update in due course.
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For further information please contact:
Brainspark plc +39 02 525 051
Alfredo Villa, Chairman and CEO
Arbuthnot Securities +44(0) 20 7012 2000
Antonio Bossi / Ed Groome
Leander PR +44(0) 7795 168 157
Christian Taylor-Wilkinson
About Brainspark Plc
Brainspark plc (AIM: BSP) is an AIM listed investment company pursuing a dynamic strategy to create a comprehensive portfolio of companies primarily encompassing the interactive media, leisure, entertainment and financial services sectors mainly in Italy but also other European countries. The company may be either a passive or active investor and Brainspark's investment rationale ranges from acquiring minority positions with strategic influence through to larger controlling positions.