Business
Investment in Cogeme SET SpA
Investment in Cogeme SET SpA.
About this update from Quantum Blockchain Technologies Plc
[{"type":"text","content":"\n RNS Number : 1085M Brainspark PLC 18 May 2010 \n \n\n 18 May 2010\n \nBrainspark plc\n(\"Brainspark\" or the \"Company\")\n \nAcquisition of minority interest in Cogeme SET S.p.A.\n \nThe Board of Brainspark (AIM: BSP), a fast growing international investment company, is pleased to announce that they have invested EUR 2.45 million (GBP 2.10 million) in Cogeme SET S.p.A (\"Cogeme\") to acquire 6.12% of the total issued share capital of Cogeme. The consideration payable has been satisfied from the Company's existing cash resources. The investment is a short term position taken by Brainspark to optimise its cash resources and to use the asset as a leverage for other strategic investments.\n \nCogeme is a leading Italian Tier 2 manufacturer of high precision components for the automotive sector. The company mainly produces turbochargers and fuel injection systems and focuses its activities on clear niches with high value added, strong barriers to entry and long lasting growth potential. Cogeme has established relationships with main Tier 1 suppliers in the automotive industry including Bosch, Honeywell, Delphi, Siemens and Magneti Marelli. Cogeme is headquartered in Milan and is listed on the Italian Stock Exchange (Borsa Italiana: COG).\n \nFor the year ended 31 December 2009, Cogeme generated revenue of EUR 61.8 million (GBP 52.8 million) and profit before tax of EUR 3.0 million (GBP 2.6 million). Audited net assets as at 31 December 2009 were EUR 63.0 million (GBP 53.9 million). The market capitalisation of Cogeme as at 17 May 2010 was EUR 32.9 million.\n \n \n-ends-\n \nFor further information please visit our website, www.brainspark.com, or contact:\n \n\n\n\n\nBrainspark plc\n\n\n+39 335 296 573\n\n\n\n\nFrancesco Gardin, Chairman\nAlfredo Villa, Chief Executive\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAllenby Capital Limited\n\n\n+44(0) 20 3328 5656\n\n\n\n\nNick Athanas/James Reeve\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nLeander PR\n\n\n+44(0) 7795 168 157\n\n\n\n\nChristian Taylor-Wilkinson\n\n\n\n\n\n\n\n \n \n \nNotes to Editors:\n \nAbout Brainspark Plc\nBrainspark plc (AIM: BSP) is an AIM listed investment company pursuing a dynamic strategy to create a comprehensive portfolio of companies prima...