Banca 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 EUR16.14m.
Brainspark purchased from Gruppo Bancario del Mediterraneo Holding 2,500 options to subscribe for the same amount of ordinary shares of Banca Federiciana representing approximately 4.67% of Banca Federiciana share capital.
In addition, Brainspark has agreed with GBM that it will participate to the equity issue recently announced by GBM.
Brainspark will invest €4.2m in exchange for an 8% interest in GBM share capital. Brainspark intends to fund the investment from the proceeds of a placing of new ordinary shares of up to EUR10m.
Brainspark intends to undertake in conjunction with a listing on AIM Italia, the market of the London Stock Exchange – Borsa Italiana dedicated to high growth companies.
Brainspark’s participation in the GBM equity issue is conditional on Brainspark successfully raising a minimum of €10m of new equity.
