Business
Further Investment in Ora Hotel Group
Further Investment in Ora Hotel Group.
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[{"type":"text","content":"\n \nRNS Number : 2375J Brainspark PLC 28 June 2011 \n \n\n28 June 2011\n \nBrainspark plc\n(\"Brainspark\" or \"the Company\")\n \n \nMajority Stake in ORH S.p.A. \n \nBrainspark plc (AIM: BSP), a fast growing international investment company, announces it has entered into an agreement to increase its holding in ORH S.p.A (\"ORH\"), to 51 per cent. (from the 20 per cent. acquired in March 2011). \n \nTo acquire this additional interest in ORH, Brainspark will pay to Avusy Commercio Servicios de Consulttoria e Investimentos LDA a consideration of EUR 1.6 million in cash, before 20 December 2011, and 9,750,000 Brainspark ordinary shares. A further announcement will be made once these additional 9,750,000 Brainspark ordinary shares which are payable immediately to the vendors of ORH have been issued and the relevant application for admission to trading on AIM has been made.\n \nORH is a successful hotel management and travel business company which manages nearly 40 hotels with ORA Hotel and ORA Resort Brands across Italy and around the world. ORH controls a medium sized Italian travel operator, called Staff & Co s.r.l that organizes and resells holiday trips to Travel Agencies and other tour operators using the MYAFRICA brand.\n \nDuring 2010, ORH reported aggregate revenues in excess of EUR 30 million and an aggregate EBITDA of EUR 750,000. The company was founded in 2008 and runs 18 hotels under direct management, with the remaining hotels run through a fast growing franchise operation. It has recently won an Award for the Best Luxury Spa Hotel in Italy.\n \nThe Board believes that the acquisition is in-line with Brainspark's strategy as it increases its presence within the leisure industry. \n \nChairman and CEO of Brainspark, Alfredo Villa, commented, \"In line with our investing strategy, this is the next company in our portfolio where we now hold a majority stake. This gives us greater influence in the operations and running of the business and allows us to bring together all our investments to ensure the logical synergies are exploited to the full.\"\n \n-ends-\n \nFor further information please contact:\n \nBrainspark plc &nb...