Broca Share Discussion Threads

[citytraderboy] 09/4/2002 15:06

Sign of the times ?!

[citytraderboy] 09/4/2002 15:05

LONDON (AFX) - BrainDock.com Inc said it has applied to have its shares
delisted from the Alternative Investment Market with effect from May 8.
The company, which has been assessing its options since the closure of its
trading operations in August, said it appointed Deloitte and Touche's
Reorganization Services Group to advise it on strategic and financial
restructuring alternatives. These may include liquidation of the company's
assets and distribution of the net proceeds.
Later this week, Braindock is due to receive earn-out of 136,752 usd from
Handango Inc, to which it transferred its trading operations in August. The
second and final payments is due on Sept 30. The maximum Braindock will receive
under the earn-out is 300,000 usd in total.
The company's principal asset is cash of around 1.5 mln usd, excluding the
first payment from Handango.
If Braindock decides to liquidate its assets and distribute the proceeds,
the distribution is not likely to take place until late 2002, after receipt of
the second payment from Handango.
ak/
NNN

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