Brainspark PLC (BSP) - Mediapolis - Board Changes and Strategy Update
RNS Number : 5232Q
07 November 2012
7 November 2012
("Brainspark" or "the Company")
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
· 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
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
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."
For further information please contact:
+39 02 525 051
Alfredo Villa, CEO
Westhouse Securities (Nominated Adviser and Broker)
+44 (0) 20 7601 6100
+44 (0) 7795 168 157
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
MSCBRBPTMBTMMTT -0- Nov/07/2012 08:24 GMT
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