Update on Investments
1 March 2011
Brainspark plc
("Brainspark" or "the Company")
UPDATE ON INVESTMENTS
Brainspark plc (AIM: BSP), a fast growing international investment company, is pleased to update its shareholders regarding the following investments:
Ondaland
Brainspark has invested a further EUR180,000 in T.L.T. Tempo Libero e Turismo S.p.A (trading as "Ondaland"), Italy's largest water theme park, representing the Company's 20 per cent. participation to a EUR 900,000 capital raise by Ondaland. This new funding will be used by the owners of Ondaland to install a new ride in the park in time for the 2011 summer season.
Bibop
On 24 February 2011 Brainspark increased its stake in Bibop S.p.A. ("Bibop"), the multi-platform digital content management company, by 1.56 per cent. taking its holding to 51.76 per cent. of Bibop's share capital. The shares were bought from Mr Giuliano Borsari.
In addition, on 28 February 2011, Brainspark signed a Letter of Intent with Digital Magics S.p.A., the Milan based technology incubator investment company, to acquire its entire 42.03% holding in Bibop, which will give Brainspark a total shareholding in Bibop of 93.79%. It is intended that the contract, which must be entered into by no later than 30 June 2011, will be funded through a cash payment of EUR 1,034,935 and EUR 1 million in Brainspark ordinary shares, to be calculated by using the mid-price of Brainspark shares over a 30 day period prior to completion of the acquisition.
The contract is conditional, among other things, on Brainspark shareholders approving at a General Meeting the requisite authorities to allot new shares and to Brainspark raising the necessary funds needed to satisfy the cash element of the consideration.
-ends-
For further information please contact:
Brainspark plc +39 347 66 20 664
Alfredo Villa
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