IMImobile: Listed on AIM

RNS Number : 7426K

Spark Ventures PLC

27 June 2014

 



SPARK Ventures plc

("SPARK" or the "Company")

IMImobile: listed on AIM

SPARK is pleased to report that today IMImobile Limited ("IMI") has been admitted to the AIM market of the London Stock Exchange.

As part of the IPO process, SPARK sold approximately 20 per cent. of its holding in IMI at the IPO price of £1.20 per share to raise aggregate net proceeds (after paying brokers' commission costs) of approximately £3.2m ("the Net Sale Proceeds").   SPARK's remaining interest in IMI has a value of approximately £12.9 million at the IPO price.

All but £0.1 million of the Net Sale Proceeds will be held in escrow for the immediate future pending completion of tax filings. SPARK's remaining shares in IMI are subject to a customary twelve month lock-up agreement, the restrictions of which can be waived subject to market demand and the permission of IMI's brokers.

IMI remains SPARK's largest investment holding and post IPO, SPARK will continue to own approximately 17 per cent. of IMI. As at 30 September 2013, SPARK's most recently published financial reporting date, the Company held 27 per cent. of the issued share capital of IMI which was valued at £14.8 million on 30 September 2013.

SPARK wishes to thank all the management team of IMI, and in particular Jay Patel and Mike Jefferies, for their efforts in successfully raising additional capital and achieving a listing.

For further information, please contact:

SPARK Ventures plc	Andrew Betton /  David Potter	07540 725100 /  020 7851 7777
finnCap Ltd	Matt Goode / Christopher Raggett	020 7220 0500

 

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