Investing Policy Update

RNS Number : 2985D

Spark Ventures PLC

27 March 2014

 



SPARK Ventures plc

("SPARK" or the "Company")

Investing Policy Update

SPARK is pleased to announce that it intends to publish a circular, incorporating a notice of general meeting (the "General Meeting"), by the end of the week commencing 31 March 2014.

The Company intends to propose resolutions at the General Meeting to approve:

·    an extension of 12 months to the Company's current investing policy such that SPARK will now seek to realise its remaining investments over the period to 31 March 2015 (the "Extension"); and

·    a return of capital to shareholders equivalent to 4.5 pence per ordinary share in the capital of the Company (the "Return of Capital").

The directors of the Company are intending to seek the Extension in order to ensure that SPARK receives the best possible returns from its remaining investments.

The remaining investments that the Company consider to be material are IMI mobile, Gambling Compliance, DEM Solutions, Mind Candy and Academia. Since the last Return of Capital made in October 2013 the Company has realised cash proceeds of £21.3m in total by selling SPARK's shares in Notonthehighstreet (£11.0m), Kobalt Music (£5.4m) and openX (£2.4m) and has received £2.5m following completion of the Aspex liquidation.

The Company intends that the Return of Capital will be in the form of those previously undertaken by the Company such that shareholders will be able to choose between a capital and income return.

The directors of SPARK expect that the General Meeting will take place during the week commencing 21 April 2014.

For further information, please contact:

SPARK Venture Management Ltd / SPARK Ventures plc	Thomas Teichman  / Andrew Betton	020 8123 0657
finnCap	Matt Goode / Christopher Raggett	020 7220 0500

 

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