BRAINSPARK PLC
("Brainspark" or the "Company")
SALE OF PORTFOLIO HOLDING
Brainspark today announces that it has agreed to dispose of its
holding in Kerb
Limited ("Kerb"), an internet services portfolio company.
The holding of 30,167 1p ordinary shares, which represented 25%
of the issued
share capital of Kerb, will be sold back to the company for a cash
consideration
of £205,000. Under the Companies Act 1985 (the "Act"),
Kerb will give notice on
certain representations and subject to any creditor of Kerb prior
to 6 July 2006
aplying to the court under under section 176 of the Act for an
order prohibiting
the 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, the
current book value of Kerb is £64,000.
Francesco Gardin commented
on the disposal: "We
are pleased about this
transaction and we will use the proceeds for new technology seed
investments,
and the international growth of the Company ". |