Appointment of Auditor

RNS Number : 8611I

Brainspark PLC

31 July 2012

 



                                                                                                                                   31 July 2012

Brainspark Plc

("Brainspark" or "the Company")

APPOINTMENT OF AUDITOR

Brainspark, the AIM listed international investment company, is pleased to announce that it has has appointed Welbeck Associates as new auditors for the company.

Welbeck Associates has commenced the audit for the Company's 31 December 2011 financial results (the unaudited preliminary results were published by the Company on 3 July 2012). However, due to the appointment of a new auditor taking longer than expected, the results are not yet ready to be published. The Board apologises for the additional delay to publishing the final results, which will be published as soon as possible.

The Company has also instructed Welbeck to produce a consolidated audited report for the period ending 30 September 2012. Although not required under the AIM Rules, the Board believes that it will have closed all the pending transactions to acquire a 51 per cent. stake in certain companies before this date, and therefore would like to demonstrate to shareholders the new financial structure of the Company once the balance sheet is consolidated to include these majority holdings.

Further announcements will be made in due course.

Alfredo Villa, Executive Chairman of Brainspark, commented, "The new Board considers that a full disclosure of the consolidated value of the Company will provide investors with a complete picture of the Company going foward, and to enable them to express their opinion on the real value of Brainspark."

-ends-

For further information please contact:

Brainspark plc                                                                                                    [phone]

Alfredo Villa, Chairman

Westhouse Securities                                                                              [phone]

Antonio Bossi

Jonathan Haines

Leander PR                                                                                               [phone]

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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