Brainspark PLC BSP Mediapolis - Board Changes and Strategy Update

  Brainspark PLC (BSP) - Mediapolis - Board Changes and Strategy Update

RNS Number : 5232Q
Brainspark PLC
07 November 2012





 7 November 2012



                                Brainspark Plc

                       ("Brainspark" or "the Company")

                                      

                                      

                              MEDIAPOLIS UPDATE



Brainspark, the AIM  quoted international  investment company  (AIM: BSP),  is 
pleased to  advise  shareholders  with  changes to  the  board  structure  and 
operational progress at its  subsidiary Mediapolis SpA.  These changes are  in 
line with the Company's  strategy to achieve operational  control of its  main 
assets; namely, ORH SpA,  Sipiem SpA (Ondaland water  park), YouCan Group  srl 
(Sosushi restaurant chain) and Mediapolis SpA.



Following the changes to the board  of Mediapolis, the new board will  consist 
of Alfredo Villa, as CEO, Cesare Suglia, as CFO and Dominic White, as COO.



The new Board will implement the following measures with immediate effect:



·  Formally  divide  the  land   into  four  different  separated   areas, 
designated: Theme Park, Hotel, Commercial Center and Cogeneration Plant.



· Appoint  architect  Christian  Fenouil  to  execute  all  the  necessary 
processes to  divide the  land. For  the  recent year  end audit,  Mr  Fenouil 
prepared an  appraisal  on the  Mediapolis  land which  valued  it at  EUR  42 
million.



· Mandate ORH SpA and Sipiem SpA to prepare a viable business plan for the
development of the two  Hotels which are  planned for the  site (ORA Hotel  to 
manage) and the Theme Park (Sipiem to build and manage).



· Appoint London  based, global  real estate firm,  Cushman and  Wakefield 
(www.cushwake.com) to advise the  Company in the  development of the  projects 
and the future sale of the various designated areas, either as a single entity
or separately.





The new board believes that the above  strategy will enhance the value of  the 
land and development projects,  as it will increase  the numbers of  potential 
shareholder partners involved in the  development and building phases,  divide 
the mortgage debt between each  designated area and, ultimately, increase  the 
number of potential buyers for the land as a whole or as individual areas.



These changes will  subsequently allow the  Company to best  decide upon  what 
constitutes the right  offer for  the Mediapolis land,  having considered  all 
possible outcomes, including the current  non-binding offer it received on  11 
October.



The new Board is confident that its choice of real estate partner, Cushman and
Wakefield, will  offer the  expertise  and know-how  to bring  a  satisfactory 
conclusion  to  this  exciting  project;  and  more  importantly,  bring  this 
significant real  estate  development project  to  a much  wider  audience  of 
international property investors.





Alfredo Villa,  CEO of  Brainspark commented,  "In accordance  with the  above 
measures we have taken the decision to postpone the current negotiations until
the process is complete  and, at which  time, we believe it  will allow us  to 
seek more  favourable terms  of  sale. We  will  provide shareholders  with  a 
statement of progress before the year end."



                                    -ends-



For further information please contact:





Brainspark
plc
+39 02 525 051

Alfredo Villa, CEO



Westhouse Securities (Nominated  Adviser and Broker)   
+44 (0) 20 7601 6100

Antonio Bossi

Jonathan Haines



Leander                                                             (Financial 
PR)
+44 (0) 7795 168 157

Christian Taylor-Wilkinson







About Brainspark

Brainspark plc  (AIM: BSP)  is an  AIM listed  investment company  pursuing  a 
dynamic strategy to  create a comprehensive  portfolio of companies  primarily 
encompassing the leisure  and real  estate 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. 
For further information, please visit, www.brainsparkplc.com







                     This information is provided by RNS
           The company news service from the London Stock Exchange

END


MSCBRBPTMBTMMTT -0- Nov/07/2012 08:24 GMT
 
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