Increase of Holding in Mediapolis
31 March 2011
Brainspark plc
("Brainspark" or "the Company")
Increase in Holding in B'Parks & Leisure
and Convertible Loan Interest
Brainspark plc (AIM: BSP), a fast growing international investment company, announces that it has today agreed a contract with Gabbrielli & Associati of Milan to acquire 71,580 shares in B'Parks & Leisure S.A. (formerly Mediapolis Investments SA Luxembourg), equivalent to 16.37% of B'Parks & Leisure, taking Brainspark's holding in the company to 71.72%.
Consideration for the acquisition will be satisfied by the issue of 2,015,000 Brainspark new ordinary shares, at a price of 50 pence per share.
Additionally, the Company has signed a formal agreement with the first nine partners of a consortium, which is being created to provide all the necessary services pertinent to the development, build and fit out of the Mediapolis theme park in Italy.
Finally, with the agreement of the majority of investors in the Company's £10 million convertible bond, payment of interest due on 31 March 2011 and totalling £700,000 has been postponed until 30 June, in order to allow the Company to continue to pursue its acquisition strategy
Alfredo Villa, Chairman and CEO of Brainspark, commented, "The Mediapolis project remains our core asset and, over the past 18 months since our initial investment, we have been the driving force behind the development. Today's appointment of the partners in the consortium is a rewarding moment for us as it signifies the start of the next phase of this important project."
-ends-
For further information please contact:
Brainspark plc +39 347 66 20 664
Alfredo Villa, Chairman and CEO
Arbuthnot Securities +44(0) 20 7012 2000
Antonio Bossi / Ed Groome
Leander PR +44(0) 7795 168 157
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. Its core investment is B'Parks & Leisure, the owner of a site in northern Italy with plans for the development of a large theme park. 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.
This information is provided by RNS
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