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24 Apr 2012 07:00
24 April 2012
Brainspark plc
("Brainspark" or "the Company")
Statement to Shareholders Re Fall in Share Price
The Directors of Brainspark have noticed a sharp decline in the Company's share price since the start of April and know of no reason for this. Further, they wish to reassure shareholders that day to day operations continue as normal and the Company has sufficient cash in the bank to fund operations until the conclusion of the Mediapolis / Sorgente land sale.
The continued hold-up for sale of Mediapolis relates to a technical aspect on the mortgage held over the land, but which does not relate to the binding contract agreed between the two parties. It is hoped by the Board that this issue will be rectified in due course, but it does not wish to provide an estimated date of completion at this time.
The Board also wishes to reassure shareholders that any future issue of new shares or raising of cash will only be in relation to the acquisition of, or investment in, new companies for the investment portfolio.
The Company is currently negotiating with a number of new companies in the real estate and leisure sectors and hopes to announce the investment in one or more of these in due course. The new investments will be paid for using Brainspark ordinary shares at a price not less than 15 pence.
-ends-
For further information please contact:
Brainspark plc +39 02 525 051
Alfredo Villa, CEO
Westhouse Securities +44 (0) 20 7601 6100
Antonio Bossi
Jonathan Haines
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.
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