By Devika Patel
Knoxville, Tenn., May 4 - Brainspark plc said it will sell £10 million of 7% convertible bonds. It has already sold £3.24 million of the convertibles, which priced March 31.
The bonds are convertible at a conversion rate of 100,000 ordinary shares per £1,000 bond. They mature on March 31, 2014 and may be redeemed at 110.
Twice S.I.M. SpA is the agent.
Brainspark is a London-based company that invests in technology start-up businesses and advanced technology business.
| Issuer: | Brainspark plc
|
| Issue: | Convertible bond
|
| Amount: | £10 million
|
| Maturity: | March 31, 2014
|
| Coupon: | 7%
|
| Price: | Par
|
| Yield: | 7%
|
| Conversion rate: | 100,000 ordinary shares per £1,000 bond
|
| Call: | At 110
|
| Warrants: | No
|
| Agent: | Twice S.I.M. SpA
|
| Pricing date: | March 31
|
| Settlement date: | May 4 (for £3.24 million)
|
| Stock symbol: | London: BSP
|
| Stock price: | 0.60p at close May 4
|
| Market capitalization: | £14.8 million
|
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