2 Aug 2012 07:00
2 August 2012
Brainspark Plc
("Brainspark" or "the Company")
COMPLETION OF SIPIEM SPA ACQUISITION
Brainspark, the AIM listed international investment company (AIM: BSP), is pleased to announce that it has completed the first stage of its investment in Sipiem SpA ("Sipiem"), the construction and leisure company in Biella, Italy.
Sipiem owns 66% of Ondaland,reduced from the previously announced 90% as a result of a €7m investment from other investors.Ondaland is Italy's largest aqua park. The €7m investment was secured to fund the construction of a new indoor theme park, "La Terra d'Endora", situated within the Ondaland complex. It is expected that this new attraction will be opened in time for Easter 2013 and will enable Ondaland to welcome visitors 12 months a year.
In the year ending 31 December 2011, Sipiem reported revenue of €2.2m and net profit of €0.1m. However, Sipiem has not to date produced consolidated financial results. As announced on 1 June 2012, Ondaland reported revenue of €4m and EBITDA of €2m in its 2011 unaudited financial results.
As previously announced, the initial investment in Sipiem has been made through the swap of the Company's 20% shareholding in Ondaland, as well as €1.9m, which has been settled through €650,000 in cash, which was paid on 27 July 2012 and 6,306,667 ordinary shares in the Company, which were issued on 13 April 2012. As a result of the acquisition, Alfredo Villa has been appointed as a director of Sipiem.
In addition, Brainspark has signed an agreement to subscribe for an additional 11 per cent. of Sipiem shares, for an amount of €800,000 to be paid on or before 31 December 2012.
-ends-
For further information please contact:
Brainspark plc +39 02 525 051
Alfredo Villa, Chairman
Westhouse Securities +44 (0) 20 7601 6100
Antonio Bossi
Jonathan Haines
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. 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.