Sale of portfolio company

RNS Number : 9904I

Spark Ventures PLC

01 August 2012

 



SPARK Ventures plc ("SPARK" or the "Company")

1 August 2012

Sale of portfolio company

SPARK is pleased to announce that the on-going business of Aspex Semiconductor Ltd ("Aspex") has been sold to Ericsson (the "Sale").  Proceeds from the Sale will be distributed to shareholders of Aspex over the coming months but, due to the structure of the Sale, the exact timing of these payments to Aspex shareholders is not yet known.  

Since 31 March 2012, £1.75m of loan repayments will have been received from Aspex, and it is anticipated that these repayments, when combined with the expected net proceeds receivable by SPARK pursuant to the Sale, will be in excess of the £7m of carrying value announced in SPARK's results for the year ending 31 March 2012.

The Board continues to expect that another substantial return of cash to shareholders will be made during the Autumn, although the exact timing of such a repayment is largely dependent upon the timing of receipts from Aspex.

For further information:

SPARK Ventures plc, 020 7851 7777

Andrew Carruthers, Director

Andrew Betton, Company Secretary

Canaccord Genuity Limited, 020 7523 8350

Mark Dickenson / Sebastian Jones

 

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