10th Jul 2015 08:23
LONDON (Alliance News) - Early-stage investor Spark Ventures PLC on Friday said its net asset value per share fell in its financial year to the end of March, but said things have improved since amid a rise in the share price of its key investment.
Spark said its net asset value per share fell over the course of the year by 12% to 5.40 pence, though it said this has improved since on the back of a good performance in the share price of IMImobile PLC, the AIM-listed software and services company in which Spark holds an 18% stake.
IMImobile listed in London in June, with Spark raising GBP3.5 million via the sale of 22% of its stake in the company. Spark also agreed a deal over the year to sell its entire portfolio, excluding IMImobile, and has so far sold five of its nine investments.
The total proceeds received for its investments was GBP54 million, and Spark returned GBP19 million to its shareholders.
It said its directors are currently in the process of reviewing is future strategy.
Shares in Spark were up 6.7% to 4.00 pence on Friday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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