LONDON (Alliance News) - SPARK Ventures PLC Thursday said it intends to make another capital return to shareholders, while it is also seeking a 12-month extension of its current investing policy so that it has more time to realise its remaining investments.
In a statement, SPARK said it wants to distribute 4.5 pence per share to its shareholders.
The European early stage venture capital company, which has a current policy of harvesting its entire portfolio, said it wants the extension so it can ensure it receives the best possible returns from its remaining investments. It had set the policy back in 2009, with the intention of harvesting the portfolio by the end of March, 2014, and becoming a clean cash shell by the end of September, 2014. However, it won't now make those targets and wants an extension of the harvesting deadline until March, 2105.
Its remaining "material" investments are IMI mobile, Gambling Compliance, DEM Solutions, Mind Candy and Academia. Since its last capital return last October, SPARK has realised GBP21.3 million in cash proceeds by selling shares in Notonthehighstreet, Kobalt Music, and openX, and from the completion of the Aspex liquidation.
The proposals are subject to approval at a general meeting, which SPARK expects to take place during the week beginning April 21.
SPARK said it intends to contact shareholders with details of a general meeting within a week from the end of March.
SPARK shares Thursday rose as high as 8.975 pence before falling back to 8.60 pence, 1.7% down on Wednesday closing price, at around 1214 GMT.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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