18 May 2010 10:32
18 May 2010
Brainspark plc
("Brainspark" or the "Company")
Acquisition of minority interest in Cogeme SET S.p.A.
The Board of Brainspark (AIM: BSP), a fast growing international investment company, is pleased to announce that they have invested EUR 2.45 million (GBP 2.10 million) in Cogeme SET S.p.A ("Cogeme") to acquire 6.12% of the total issued share capital of Cogeme. The consideration payable has been satisfied from the Company's existing cash resources. The investment is a short term position taken by Brainspark to optimise its cash resources and to use the asset as a leverage for other strategic investments.
Cogeme is a leading Italian Tier 2 manufacturer of high precision components for the automotive sector. The company mainly produces turbochargers and fuel injection systems and focuses its activities on clear niches with high value added, strong barriers to entry and long lasting growth potential. Cogeme has established relationships with main Tier 1 suppliers in the automotive industry including Bosch, Honeywell, Delphi, Siemens and Magneti Marelli. Cogeme is headquartered in Milan and is listed on the Italian Stock Exchange (Borsa Italiana: COG).
For the year ended 31 December 2009, Cogeme generated revenue of EUR 61.8 million (GBP 52.8 million) and profit before tax of EUR 3.0 million (GBP 2.6 million). Audited net assets as at 31 December 2009 were EUR 63.0 million (GBP 53.9 million). The market capitalisation of Cogeme as at 17 May 2010 was EUR 32.9 million.
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For further information please visit our website, www.brainspark.com, or contact:
| Brainspark plc | +39 335 296 573 |
| Francesco Gardin, Chairman Alfredo Villa, Chief Executive |
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| Allenby Capital Limited | +44(0) 20 3328 5656 |
| Nick Athanas/James Reeve |
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| Leander PR | +44(0) 7795 168 157 |
| Christian Taylor-Wilkinson |
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Notes to Editors:
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 Mediapolis Investments SA, 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.