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  • BY: Andrew Hore |
  • POSTED: 21/05/2010 |

Investment company Brainspark intends to consolidate 250 shares into one new share.

If approved by shareholders, the consolidation will become effective on 14 June. The company will also seek the authority to buy back up to 1m of the consolidated shares.

The two executive directors will enter into service contracts with the company.  Alfredo Villa and Francesco Gardin, will be paid 150,000 a year and 75,000 a year respectively. The service contracts will be voted on at the same general meeting as the share consolidation.

The three non-executives will each be paid 12,000 a year.

Brainspark intends to broaden its investing strategy to include renewable energy and theme parks.

Brainspark has invested 749,000 in AIM-quoted Vyke Communications in return for an 11.56% stake. Loss-making Vyke specialises in Voice Over IP services.

Brainspark recently increased its stake in Italian football club AC Ancona to 44.8% and bought a 6.12% stake in automotive components supplier Cogeme for 2.1m. 

Brainspark is trying to raise up to 10m via a bond issue. The 7% bonds are convertible at 1p a share. So far 3.24m has been raised.

At 0.5p a share, Brainspark is valued at 11.9m. The equivalent post-consolidation share price is 125p.

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