Board Changes

NewMedia SPARK PLC 16 September 2004 NewMedia SPARK plc 16 September 2004 NewMedia SPARK announces changes to the Board of Directors Following the successful return of cash to the Company from the sale of its holding in Pricerunner, and the proceeds of a dividend from, and partial sale of, its investment in Spuetz AG, NewMedia SPARK plc at its AGM today is seeking to start a process of capital reconstruction allowing for share buy-backs and other distributions. Many of the difficulties facing the Company have been resolved, particularly in relation to Spuetz. The Company now has a Venture Capital portfolio which the Board believes can be developed and sold for more than its book value. The Board has decided that the Company should concentrate on the management of this portfolio and of any future such investments and that this requires a smaller board which can be more actively involved in that portfolio management. The Board has made the following board changes in pursuit of this objective. Charles Berry becomes an executive director; all three executives responsible for the portfolio are now on the Board. Michael Whitaker, presently Chief Executive, will become a non-executive director. As a major shareholder, Michael is in an excellent position to ensure that the interests of all shareholders are represented on the Board. Andrew Carruthers, presently Managing Director, will become CEO. This would have led to four non-executives, which the whole Board agreed was too many. John Maples and Tony Sarin leave the Board confident that the non-executive function can be properly carried out by Michael Whitaker and David Potter. These changes reflect the much simplified nature of the Company's business following the successful resolution of a number of structural issues during the past year. Commenting on the Board changes, Tom Teichman, Chairman of NewMedia SPARK plc said: 'We wish to thank John and Tony for their valuable contribution to the Board during an extended period of turbulence in the technology sector. They leave the company with a maturing portfolio of stable and valuable businesses, a substantially reduced cost base and sufficient cash to effect buy-backs as well exploit attractive investment opportunities. We welcome the addition to the Board of Charles Berry who has been a core member of the investment team over the last three years'. Notes Full name: Charles Richard Berry. Previously, Charles (33), has held Corporate Finance Positions at GamePlay plc and SG Hambro's. He holds a Masters Degree in Finance from London Business School and a Masters in Engineering from Oxford. Current directorships/affiliations: SPARK Services Ltd, NewMedia SPARK Directors Ltd, Globalnetfinancial.com Inc (Registered Delaware, USA), Safelogic AB (Sweden), Spuetz AG (Germany) Directorships/Partnerships in last 5 years: None Receiverships/Liquidations: None Charles Berry holds options over 287,968 shares in NewMedia SPARK plc For further information, please contact: Andrew Carruthers NewMedia SPARK plc +44 (0) 20 7851 7777 This information is provided by RNS The company news service from the London Stock Exchange
UK 100