Business
Investment in Banca Federicia
Investment in Banca Federicia.
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[{"type":"text","content":"\n RNS Number : 7802W Brainspark PLC 25 November 2010 \n\n 25 November 2010\n \nBrainspark plc\n(\"Brainspark\" or \"the Company\")\n \n \nInvestment in Banca Federiciana\n \n \nBrainspark plc (AIM: BSP), a fast growing international investment company, announces that it has entered into agreements to invest in Gruppo Bancario del Mediterraneo Holding SpA (\"GBM\") and its 52.5 per cent. owned subsidiary Banca Federiciana SpA (\"Banca Federiciana\").\n \nBanca Federiciana is an Italian bank based in the Puglia region focused on the SME sector. At 31 December 2009, Banca Federiciana had net assets of approximately EUR16.14 million (£13.68 million).\n \nBrainspark purchased from Gruppo Bancario del Mediterraneo Holding SpA (\"GBM\") 2,500 options (the \"Options\") to subscribe for the same amount of ordinary shares of Banca Federiciana representing approximately 4.67 per cent. of Banca Federiciana share capital as enlarged by the exercise of all the options outstanding on the share capital of Banca Federiciana.\n \nThe total consideration for the purchase of the Options is EUR500,000 (£426,900) and shall be satisfied by the allotment of new Brainspark ordinary shares of 2.5p each (the \"New BSP Ordinary Shares\") at a value of £1.1 per New BSP Ordinary Shares to be exchanged in Euros at EUR1.17 per British pound. It is expected that 388,092 New BSP Ordinary Shares will be issued to satisfy the purchase price of the options representing approximately 2.82 per cent. of Brainspark enlarged share capital. \n \nThe Options are exercisable until the end of 2011 at an exercise price of EUR1,250 (c.£...