Brainspark PLC (BSP) - Completion of Ora Hotel Investment
RNS Number : 7584Q
09 November 2012
9 November 2012
("Brainspark" or "the Company")
ORA HOTELS - ACQUISITION OF MAJORITY INTEREST
Brainspark, the AIM quoted international investment company (AIM: BSP), is
pleased to announce that it has today completed its 51 per cent. acquisition
of ORH SpA, the hotel chain which operates under the brand, Ora Hotel Group.
The Company paid a total consideration of EUR 1.35 million in two tranches of
EUR 800,000 and EUR 550,000. The increase in capital will allow ORH to further
develop its portfolio of hotels around the world.
Two new directors will be elected by Brainspark to join the board of ORH,
including the appointment of a new CFO.
Following this investment, Brainspark has now completed its acquisition
strategy for 2012; owning the controlling interest of its four main operating
assets, Mediapolis SpA, Sipiem srl, Sosushi SpA and ORH SpA.
The Company will consider further acquisitions in the future, dictated by its
investing policy. An investment committee, to decide upon and agree any new
acquisitions, will be formed after the AGM and will comprise, Alfredo Villa,
Luke Johnson and a third independent member, who will be a UK national from
the finance industry.
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
ACQUGGPGGUPPGUB -0- Nov/09/2012 10:13 GMT
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