9th Jan 2008 07:00
Spark Ventures PLC09 January 2008 SPARK Ventures PLC Potential new issue of equity to a strategic investor The Directors would like to update shareholders on recent preliminarydiscussions which have been taking place with a potential strategic, long terminternational investor. This may or may not lead to a substantial new investmentin the Company and a collaboration for fund management of joint funds in thefuture. The collaboration would exploit the benefits of SPARK's management of abroad portfolio of technology and Life Science companies, along with access tointellectual property from leading UK academic institutions, and combine themwith partners who can provide access for those companies to high growthinternational markets. It is currently envisaged that this new investmentwould be in the range of £15 - £20 million and priced at a significant premiumto the current share price. These negotiations are at an early stage so therecan be no certainty that this investment will be made or on what terms. Such an investment would require shareholder approval to increase the Directorsauthority to allot the necessary share capital as it is envisaged that thisinvestment in the Company would result in the issue of new shares. However, inthe light of these negotiations, the Company has not been able to perform sharebuy-backs. The Directors believe that the net asset value reported in theinterim statement dated 20th December 2007 of 15.5p has not materially altered,and that the Company will be free to make buy-backs subsequent to thisannouncement. A further announcement will be made in due course. Enquiries: SPARK Ventures plcAndrew Carruthers 020 7851 7777 Collins Stewart Europe Limited - Nominated AdviserSeema Paterson 020 7523 8321 About SPARK Ventures SPARK Ventures is the leading quoted early-stage venture capital company inEurope managing £225 million on behalf of major institutional investors, leadingUK universities, and three quoted venture capital trusts. SPARK invests in entrepreneurs to create dynamic businesses in the technology,media, telecoms and healthcare & life sciences sectors. As well as capital, itbrings a wealth of experience of developing high growth companies from earlystage through to IPO or trade sale, adding value to its investments throughactive support and strategic direction. SPARK's focus is on building great companies from small beginnings: itsexperience blends ambition with the strategic, financial and commercial skillsthat enable it to maximise returns, both for investors and for portfoliocompanies. Some of our exits include Mergermarket, Lastminute.com, Footfall, Pricerunner,Elata, Glycart, OHM and Avidex. www.SPARKventures.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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