4 May 2010 08:00
4 May 2010
Brainspark plc
("Brainspark" or the "Company")
Issue of Debt
The Board of Brainspark is pleased to announce that it has launched an issue of up to GBP 10 million 7.00 per cent. convertible bonds due 2014 (the "Bonds"). The Bonds are convertible into new ordinary shares of 0.01 pence each in Brainspark ("New Ordinary Shares") at a conversion rate of 100,000 New Ordinary Shares per Bond. The nominal value of each Bond is GBP 1,000.
At the date of this announcement, the Company has placed GBP 3.24 million of the Bonds with investors. The net proceeds have been received by the Company and will be used by Brainspark to satisfy cash consideration which is payable in respect of certain previously announced investments and make further investments in line with the Company's investing strategy.
The key terms of the Bonds are:
| ·; Name of the Bonds | GBP 7.00 Brainspark plc, London (CV) 10-2014 |
| ·; Aggregate amount | Up to GBP 10,000,000 |
| ·; Denomination | GBP 1,000 |
| ·; Issue date | 31 March 2010 |
| ·; Redemption date | 31 March 2014 |
| ·; Coupon rate | 7.00 per cent, payable at the end of each year |
| ·; Conversion ratio | 100,000 New Ordinary Shares for each Bond |
| ·; Conversion period | 31 March 2010 to 15 March 2014 |
| ·; Placing Agent ·; Depositary Bank | Twice S.I.M. S.p.A CACEIS Bank Luxembourg (Credit Agricole Group) |
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| ·; Repurchase by Brainspark | At any time between 01 and 07 April 2012, the Company may serve notice on all or any bondholders requiring the bondholders to sell their Bond in whole or in part at 110 per cent of the nominal value |
| ·; Rights of Conversion | At any time prior to the redemption date of the Bonds, the bondholder may serve a conversion notice on Brainspark in respect of all or any integral multiple of GBP 1,000 nominal value of Bonds held by the bondholder |
Francesco Gardin, Chairman of Brainspark, commented "We are very pleased to receive such a strong positive signal from the market with the placement within three weeks from the launch of the bonds of the first £3,240,000. We remain committed to complete the full placement and move on with our investing strategy".
For further information contact:
| Brainspark plc | +39 335 296 573 |
| Francesco Gardin, Chairman |
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| Allenby Capital Limited | +44(0) 20 3328 5656 |
| Nick Athanas/James Reeve |
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| Leander PR | +44(0) 7795 168 157 |
| Christian Taylor-Wilkinson |
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