Spark to make 2p return

Internet investor Spark Ventures is to return 2p per share to investors and realise the rest of its investments by 2014 after a strategic review. It will stop making any new investments and will sell the management company through an MBO.Net asset value per share fell by 6% from 15.5p to 14.6p in the year to March. Cash reserves remained stable at £17.6m (March 2008: £17.2m), but with the restricted cash component rising from £2.9m to £3.2m. After the cash return, Spark will retain free cash of £6m.Fund management operations continue to be cash positive and the operating loss for the period fell by 82%. Pre-tax losses were £3.7m compared with a profit of £5.86m.