Completion of Ora Hotel Investment

RNS Number : 7584Q

Brainspark PLC

09 November 2012

 



                                                                                                                                     9 November 2012

Brainspark Plc

("Brainspark" or "the Company")

ORA HOTELS - ACQUISITION OF MAJORITY INTEREST

Brainspark, the AIM quoted international investment company (AIM: BSP), is pleased to announce that it has today completed its 51 per cent. acquisition of ORH SpA, the hotel chain which operates under the brand, Ora Hotel Group.

The Company paid a total consideration of EUR 1.35 million in two tranches of EUR 800,000 and EUR 550,000. The increase in capital will allow ORH to further develop its portfolio of hotels around the world.

Two new directors will be elected by Brainspark to join the board of ORH, including the appointment of a new CFO.

Following this investment, Brainspark has now completed its acquisition strategy for 2012; owning the controlling interest of its four main operating assets, Mediapolis SpA, Sipiem srl, Sosushi SpA and ORH SpA.

The Company will consider further acquisitions in the future, dictated by its investing policy. An investment committee, to decide upon and agree any new acquisitions, will be formed after the AGM and will comprise, Alfredo Villa, Luke Johnson and a third independent member, who will be a UK national from the finance industry.

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For further information please contact:

Brainspark plc                                                                                                    [phone]

Alfredo Villa, CEO

Westhouse Securities (Nominated Adviser and Broker)                         [phone]

Antonio Bossi

Jonathan Haines

Leander (Financial PR)                                                                             [phone]

Christian Taylor-Wilkinson

About Brainspark

Brainspark plc (AIM: BSP) is an AIM listed investment company pursuing a dynamic strategy to create a comprehensive portfolio of companies primarily encompassing the leisure and real estate sectors mainly in Italy but also other European countries. The Company may be either a passive or active investor and Brainspark's investment rationale ranges from acquiring minority positions with strategic influence through to larger controlling positions. For further information, please visit, www.brainsparkplc.com

 

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