2 Apr 2012 12:52
2 April 2012
Brainspark plc
("Brainspark" or "the Company")
Update on Mediapolis and Update on Portfolio
Brainspark plc (AIM: BSP), a fast growing international investment company is pleased to update shareholders on the sale of the land owned by its subsidiary, Mediapolis.
The sale of the Mediapolis land to the Michelangelo 2 Real Estate Fund ("Michelangelo 2") managed by Sorgente SGR ("Sorgente") is expected to close imminently. The Company is waiting for approval from the mortgage bank, Banca Nazionale del Lavoro, for the transfer of the EUR 2.7m mortgage on the land to Michelangelo 2, and from the approval by Sorgente of a shared business plan on the future development of the theme park.
Update on Investments
The Board is pleased to announce that it has agreed with the vendors of You Can Group srl (the holding company of SoSushi) that cash consideration of EUR1.2 million due to it will now be satisfied by the issue of 6,880,000 new Brainspark ordinary shares. This further investment in Sosushi will take the Company's holding from 20 per cent. to 51 per cent and it is expected to be completed on 4 April 2012.
It also announces that it has agreed with Sipiem SpA ("Sipiem") that EUR1.9 million due for the capital increase in Sipiem which was to be satisfied in shares in Michelangelo 2 as per the announcement of 18 November 2011, will now be satisfied in cash and new Brainspark ordinary shares as per the table below.
Finally, the Board announces that it has agreed with Digital Magic SpA that the cash payment of c.EUR1 million due to it for a stake in Bibop SpA ("Bibop") announced on 26 May 2011, will now be satisfied in cash and new Brainspark ordinary shares as per the table below.
As a result, the Board provides the following information to update shareholders on the cash payments and share issues required to complete the agreed consideration on a number of its investments:
Payments Outstanding | ||||
Investee Company | Cash (EUR) | BSP Shares | % Holding | Estimated NAV (EUR) |
Ora Hotel Group | 800,000 | Nil | 51 | 10m |
Mediapolis | Nil | Nil | 69.12 | 17.5m |
Sosushi | Nil | 6,880,000 | 51 | 3m |
Sipiem | 800,000 | 6,306,667 | 40 | 6.2m |
Mobnotes | 40,000 | 1,490,667 | 30 | 0.3m |
Bibop | 600,000 | 2,488,667 | 64.55 | 2.5m |
TOTALS | 2,240,000 | 17,166,001 |
39.5m | |
The Company expects to satisfy the cash and share elements of these payments over the next few months and will update its shareholders upon the conclusion of each.
-ends-
For further information please contact:
Brainspark plc +39 02 525 051
Alfredo Villa, Chairman and CEO
Westhouse Securities +44 (0) 20 7367 9072
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.