26th Jul 2007 12:48
Brainspark PLC26 July 2007 FOR IMMEDIATE RELEASE 26 July 2007 BRAINSPARK PLC ("BRAINSPARK" OR THE "COMPANY") Results of AGM and Extension of loan arrangements with Chairman At the AGM held earlier today, the Company is pleased to report that allResolutions were duly passed. The Company has also agreed with Prof. Francesco Gardin to extend the terms ofthe interest-free convertible loan in an amount of £213,000 for a period of twoyears such that it is now repayable on 31 December 2009, with the right oneither party to demand conversion into Ordinary Shares at the price of 0.46 pper share at any time. Since Prof Gardin is a Related Party under AIM Rules by reason of being aDirector and a 20.53% shareholder in the Company, this is being treated asRelated Party Transaction under the AIM Rules. Accordingly, the other members ofthe Board of the Company, having consulted the Company's Nominated Adviser,consider that the terms of the extension described above are fair and reasonableinsofar as the Company's shareholders are concerned. For further information please contact:- Brainspark plc 00 39 335 296573Francesco Gardin Beaumont Cornish Limited 0207 628 3396Roland Cornish This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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