5 Dec 2012 15:12
SPARK Ventures plc ("SPARK" or the "Company")
Shareholder return and general meeting
SPARK is pleased to announce that it will shortly be calling a general meeting for shareholders to approve a payment of at least 2p per share in a similar format to that used in the 2011 shareholder return.
This distribution will be split into a guaranteed element of 2p per share and a probable element of an extra 0.5p per share, being dependent upon the receipt of cash from the liquidator of Aspex Semiconductor Ltd ("Aspex"), which is expected to be received by the first week of January. Should the receipt from the Aspex liquidator not happen by the date of the meeting, then the resolution to approve the 0.5p element of the return would be withdrawn.
Shareholders will recall that on 21 June 2012 we said that we expected to perform a cash return in Autumn 2012 due to the partial disposals of Notonthehighstreet.com and Kobalt Music Ltd. At that time we were waiting for the culmination of the sale process on Aspex, which completed on 31 July 2012. The Intellectual Property and trade of Aspex were sold to Ericsson and consequently it was necessary to put the residual Aspex business into a solvent liquidation. We had been waiting for this to take place, but unfortunately, the process of resolving the affairs and appointing the liquidator took longer than we expected.
We can now report that RSM Tenon was appointed as the liquidator of Aspex (now renamed as Wycombe AS Realisations Ltd) on 20 November 2012. The initial distribution from the liquidator is expected to amount to £2.5m for SPARK. Further receipts are expected, that more than cover SPARK's residual book value, in Autumn / Winter of 2013/14, following the expiry of warranties and provisions for taxation.
SPARK plans to call a General Meeting of the Company for the middle of January 2013 following which, returns to shareholders would be made. Full details for this meeting will be posted around Friday 14 December. SPARK will provide a trading update to shareholders in its Interim Report which it expects to announce on Wednesday 12 December.
For further information, please contact:
For further information, please contact:
SPARK Ventures plc
David Potter, Chairman
Andrew Betton, Company Secretary
020 7851 7777
finnCap
Matt Goode
Christopher Raggett
020 7220 0500