14th Aug 2014 09:07
LONDON (Alliance News) - SPARK Ventures PLC, the investor in early stage digital-information and technology companies, Thursday said its net asset value per share, adjusted for a 2 pence shareholder return, decreased by 18% to 10.65p over the course of its last financial year.
Reporting results for the year ended March 31, SPARK said that the decrease in NAV was largely due to a GBP2.6 million realised loss on March 13 book value for OpenX and a GBP2.3 million unrealised loss relating to Mind Candy.
SPARK said that the investment have been successful overall, with the realisation proceeds from the sale of OpenX representing a multiple of seven times the cost of the investment. The realisation proceeds and residual book value of the company's investment in Mind Candy represents a multiple of 10 times the cost of the investment, SPARK said.
NAV per share also was reduced by a provision for a GBP2.2 million payment to D shareholders following the achievement of targeted realisations.
SPARK said that aside from the realisation of the remaining shareholding in the newly listed IMI, four significant unquoted investments are left to be realised.
Proceeds from realisations amount to GBP50.0 million compared with September 2009 valuations for these investments of approximately GBP14.0 million.
Chairman David Potter said that SPARK has been analysing the options for the future now that the present mandate is close to completion.
"Many of our 7,000 private shareholders have indicated a willingness to re-invest in our business model of backing early-stage disruptive internet and technology companies," Potter said in a statement.
"The board is considering what would be the best structure for this, including remaining a listed company, becoming a venture capital trust, or becoming an investment trust. We intend to consult widely amongst our investor community as well as with financial advisers," Potter added.
SPARK Ventures shares were down 2.7% at 4.50 pence Thursday morning.
By Samuel Agini; [email protected]; @samuelagini
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