BSP:Brainspark - Technology start-up incubator

The August RNS re GeoSim "heads of terms", was converted to
a binding investement agreement with Crash by 22nd November so
no one changed their minds after due diligence, reflection and
further market research.

Obviously the GeoSim aspect is speculative but
I've spent some SIPP loose change on a few more
BSP at 1.05p just now.

Despite recent sp retracing
my sizeable SIPP investment after averaging up
and down over the months is still over 60% up
overall. The trend appears to be for the SP
to slip on no news but to head N on good news.

On the negative side I agree with Dell's post above about
the second tranche of loan conversion stock etc.
However that still seems preferable to simply issuing
massive of options at exercise price well below
market sp. At least BSP gets interest free financing
and directors putting their own cash in, always reassures.

The surrender of the office lease in March 2006 also interests.
Firstly, of course there will be the annual saving of c. £quarter mill
Secondly, are BSP not expecting to need an HQ office
by Easter 2006? If so why not?

Good value especially at 1.05p but very much imho so dyor.