Result of General Meeting

RNS Number : 1413A

Spark Ventures PLC

02 October 2009

 



SPARK Ventures plc

Result of General Meeting

The Board announces that at the General Meeting of SPARK Ventures plc ('SPARK' or the 'Company') held earlier today to approve, inter alia, the terms of the Management Buyout of the Fund Management Business, all resolutions were duly passed, with 99% of the proxies received voting in favour. Completion of the Management Buyout is expected to take place on or before 9 October 2009.

Following completion, management of the Company's investments will be carried out by SPARK Venture Management Holdings Limited ('SVMH'), the new company to be run by the current executive Directors of SPARK, and in which the Company will have a 30% shareholding. SVMH will also manage the assets of the SPARK VCTs and other former Quester funds and carry out certain administrative tasks for the Company.  All of the Company's employees, with the exception of the Non-Executive Directors, will transfer to SVMH.

As stated in the Company's circular to shareholders dated 15 September 2009 (the 'Circular'), Thomas Teichman and Andrew Betton will both step down from the Board upon completion of the Management Buyout. Thomas Teichman is to be the Executive Chairman of SVMH, and Andrew Betton is to be the Finance Director of the Manager, although he will continue to act as Company Secretary to SPARK. 

David Potter, Non Executive Chairman of the Company, said today:

'I am delighted that the shareholders have overwhelmingly approved the MBO. We are now focused on the strategy approved by shareholders in August 2009 of realising the value in our investment portfolio over the next five years. 

I would like to congratulate Tom Teichman on his vision as the founder of SPARK and for his 10 years of dedication to the Company, its shareholders and our investee companies, several of whose boards he will continue to serve on. I am also glad that we will retain Andrew Betton's ongoing involvement as Company Secretary.'

For further information: 

SPARK Ventures plc	020 7851 7777
David Potter, Non Executive Chairman
Collins Stewart Europe Limited	0207 523 8350
Hugh Field, Stewart Wallace

Collins Stewart Europe Limited ('Collins Stewart'), which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for SPARK Ventures plc (the 'Company') and is acting for no-one else in connection with the matters described in this announcement and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Collins Stewart nor for providing advice in connection with the matters described in this announcement or any other matter referred to herein.

The definitions used in this announcement are set out in the Circular. Copies of the Circular and the July Circular are available on the Company's website at www.sparkventures.com.  

 

END

 

 

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