26 May 2011 07:00
26 May 2011
Brainspark plc
("Brainspark" or "the Company")
Further Investment in Bibop
Brainspark plc (AIM: BSP), a fast growing international investment company, announces that it has completed the additional investment announced on 1 March 2011, in Bibop S.p.A. ("Bibop"), a leading digital media company, taking its holding to 93.78 per cent.
Brainspark has purchased the additional 42.03 per cent interest in Bibop from Digital Magics S.p.A., an Italian technology incubator investor. Following this transaction Digital Magics no longer has an investment in Bibop; the remaining 6.22 per cent. is held by management of Bibop.
As previously announced, Brainspark has paid EUR 1 million in Brainspark ordinary shares at a price of 0.50 pence, equivalent to 1,760,000 shares. This price is at an 82 per cent. premium to yesterday's closing price in Brainspark. In addition, Brainspark will pay EUR 1,034,925 in cash within 270 days.
Bibop is currently in negotiations with various broadcasters in the UK and US to supply its MyCast interactive video product. Bibop expects to post revenue of EUR 2.5 million and EBITDA of EUR 0.5 million in the current financial year.
Alfredo Villa, Chairman and CEO of Brainspark, commented, "Bibop has quickly become a market leader in interactive video, with many of the world's leading broadcasters and TV studios currently trialling the system with overwhelming results and positive feedback. We expect to announce some important deals with well known parties in the near future."
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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.