Sale of Portfolio Holding

7 Jun 2006 07:01

Brainspark PLC07 June 2006 FOR IMMEDIATE RELEASE 7 June 2006 BRAINSPARK PLC ("Brainspark" or the "Company) SALE OF PORTFOLIO HOLDING Brainspark today announces that it has agreed to dispose of its holding in KerbLimited ("Kerb"), an internet services portfolio company. The holding of 30,167 1p ordinary shares, which represented 25% of the issuedshare capital of Kerb, will be sold back to the company for a cash considerationof £205,000. Under the Companies Act 1985 (the "Act"), Kerb will give notice oncertain representations and subject to any creditor of Kerb prior to 6 July 2006aplying to the court under under section 176 of the Act for an order prohibitingthe payment, will complete the share purchase transaction on 6 July 2006. Kerb reported revenues for the year ended February 2006 of approximately£600,000 with pre-tax profit of around £13,000. In the Brainspark accounts, thecurrent book value of Kerb is £64,000. Francesco Gardin commented on the disposal: "We are pleased about thistransaction and we will use the proceeds for new technology seed investments,and the international growth of the Company ". This information is provided by RNS The company news service from the London Stock Exchange