Business
Investment in AC Ancona
Investment in AC Ancona.
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[{"type":"text","content":"\n RNS Number : 8462I Brainspark PLC 19 March 2010 \n \n\nEmbargoed until 7 a.m. 19 March 2010\n \nBrainspark Plc\n(\"Brainspark\" or \"the Company\")\n \nAcquisition of significant minority interest in AC Ancona S.p.A\n \nThe Board of Brainspark plc (AIM: BSP), a fast growing international investment company, is pleased to announce that on 18 March 2010 it entered into an agreement with Investor Unlimited S.r.L. (\"Investor Unlimited\") to acquire 36.6 per cent. of the total issued share capital of Associazione Calcio Ancona, S.p.A (\"AC Ancona\") an Italian professional football club (the \"Agreement\"). \n \nAC Ancona is in Serie B of the Italian Football League and currently resides in fourth place in the table, only four points behind the division leader with just 13 matches to play before the season ends in May 2010. \n \nThe total consideration payable by Brainspark is €1.66 million (£1.48 million) to be satisfied through the issue of 211,000,000 new ordinary shares in Brainspark to Investor Unlimited (the \"Consideration Shares\"). Investor Unlimited is a company controlled by Enrico Petocchi, the CEO of AC Ancona.\n \nThe Consideration Shares will be issued to Investor Unlimited in two tranches. The first tranche of 100,000,000 Consideration Shares will be issued to Investor Unlimited within five business days of the date of the Agreement. The second tranche of 111,000,000 Consideration Shares will be issued to Investor Unlimited by no later than 18 September 2010. The issue of the second tranche of Consideration Shares is not subject to any pre-conditions being met. Investor Unlimited have agreed that the second tranche of Consideration Shares shall be subject to a lock-...