Business
Investment in Bibop SpA
Investment in Bibop SpA.
About this update from Quantum Blockchain Technologies Plc
[{"type":"text","content":"\n RNS Number : 2506J Brainspark PLC 26 March 2010 \n \n\n 26 March 2010\n \nBrainspark plc\n(\"Brainspark\" or the \"Company\")\n \n \nInvestment in Bibop S.p.A.\n \nBrainspark plc (AIM: BSP), a fast growing international investment company, announces that on 25 March 2010 it entered into an agreement with Digital Magics S.p.A. (\"Digital Magics\") to acquire a 50.2 per cent. interest in the issued share capital of Bibop S.p.A. (\"Bibop\") (the \"Agreement\"). Digital Magics owns 90.0 per cent of the issued share capital of Bibop. \n \nUnder the terms of the Agreement the total consideration payable by Brainspark is EUR 2.65 million (GBP 2.385 million). This is to be satisfied through a cash payment of EUR 150,000 (GBP 135,000) and the issue of 198,000,000 new ordinary shares of 0.01 pence in Brainspark (the \"Consideration Shares\") to Digital Magics. In addition, under the Agreement Brainspark is investing an additional EUR 850,000 (GBP 765,000 ) in Bibop. Bibop will use these proceeds to acquire certain assets from Digital Magics and to develop its video-community platform on an international level through the expansion of its sales and marketing structures. The total EUR 1.0 million cash consideration is expected to be payable by Brainspark by no later than 19 April 2010 and will be satisfied through Brainspark raising additional funds.\n \nBibop is the product of a start-up initiated by the Digital Magics Group, established when the group ...