27 Feb 2013 07:00
SPARK Ventures plc
("SPARK" or the "Company")
Sale of Spark Venture Management Holdings Limited
Sale of SPARK Venture Management Holdings Limited
SPARK is pleased to report that it has sold its 30% stake in SPARK Venture Management Holdings Ltd ("SVMH") back to SVMH for cash proceeds of £250,000 (the "Sale"). The proceeds of the Sale represent a 25% premium to the book value of SPARK's stake in SVMH, and will be used to part fund the overheads of SPARK whilst it continues with its strategy of a managed realisation of its portfolio of investments.
SVMH is the ultimate parent company of SPARK Venture Management Limited ("SVML"), the Company's investment manager. SPARK acquired the stake at the time of the management buyout of SVMH in October 2009. Following the Sale, the voting rights of SVMH are fully owned by its investment managers, of whom Andrew Carruthers and Andrew Betton are directors of SPARK. The other owners of SVMH are Jay Patel and Tom Teichman - both former directors of SPARK.
For further information, please contact:
SPARK Ventures plc | Andrew Betton / David Potter
| 020 7851 7777 |
finnCap | Matt Goode / Christopher Raggett
| 020 7220 0500 |