Business
Investment in T.L.T. Tempo Li
Investment in T.L.T. Tempo Li.
About this update from Quantum Blockchain Technologies Plc
[{"type":"text","content":"\n RNS Number : 0699J Brainspark PLC 24 March 2010 \n \n\n24 March 2010\n \nBrainspark plc\n(\"Brainspark or the \"Company\")\n \nInvestment in T.L.T. Tempo Libero e Turismo S.p.A \n \nThe Board of Brainspark (AIM: BSP), a fast growing international investment company, is pleased to announce that it has entered into an agreement to acquire 20.0% of the issued share capital of T.L.T. Tempo Libero e Turismo S.p.A (trading as \"Ondaland\") (the \"Agreement\"). Under the terms of the Agreement the total consideration payable by Brainspark is EUR 5.74 million (GBP 5.17 million) to be satisfied through a cash payment of EUR 2.40 million (GBP 2.16 million) (the \"Cash Consideration\") and the issue of 400,000,000 new ordinary shares in Brainspark (the \"Consideration Shares\") to certain vendors of Ondaland. The Cash Consideration is expected to be payable by Brainspark in three instalments as follows: (i) EUR 900,000 payable immediately; (ii) EUR 1.35 million payable by 31 March 2010; and (iii) the balance of EUR 150,000 payable by 15 April 2010. The Cash Consideration will be satisfied from the Company's existing cash resources and through Brainspark raising additional funds.\n \nOndaland (www.ondaland.it) is the biggest water theme park in Italy, strategically located on the Milan to Turin motorway, next to the 'Vicolungo' outlet and only 30 km from Brainspark's other theme park investment, Mediapolis. Ondaland covers 45 acres and has 27 attractions and 11 catering points, creating a bench-mark in terms of water-based entertainment in northern Italy. The park saw more than 350,000 admissions during its three month summer opening schedule in 2009. \n \nThe unaudited management accounts of Ondaland for the 8 months to 31 August 2009 reported a turnover of EUR 4.07 million (GBP 3.66 million), with profit before tax of EUR 1.22 million (GBP 1.10 million). Audited net assets of Ondaland as at 31 December 2008 were EUR 5.48 million (GBP 4.92 million). \n \nOndaland is currently in discussions on an approved expansion project to increase the scope of its facilities with an attraction park, consisting a dozen traditional rides, to lengthen its opening period from three to six months. This development is expected to be financed by a major international bank.\n \nApplication has been m...