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22 Jan 2009 10:14
SPARK VCT plc ("SPARK VCT" or "the Company")
Appointment of Director
SPARK VCT announces that Robin Field has been appointed to the Board as a non-executive director on 21 January 2008. He will take over as chairman following Jock Birney's planned retirement at the next AGM. Robin Field is currently chairman of Artemis AIM VCT plc, a director of Artemis AIM VCT 2 plc and of several private companies and was a non-executive director of Metal Bulletin plc until 2006.
This completes a phase in the development of the Company that started with the merger in 2005 of three VCTs formerly managed by Quester and the appointment of SPARK as managers in 2007 (through the acquisition by SPARK Ventures plc of the former Quester management company). The Board and the new managers have re-focused the investment policy of the fund, utilising SPARK's media expertise and favouring investment in companies which are already generating revenues.
SPARK VCT has returned some £14 million to shareholders by way of dividends since the merger. The Fund is now largely fully invested. It intends to continue to realise investments from within the existing portfolio, as market conditions and the development of the companies permit, and to reinvest the proceeds.
No further disclosures are required under Rule 9.6.13 (2), (3), (4), (5) or (6) of the Listing Rules.
For further information please contact:
Nghi Tran, SPARK VCT PLC: 0207 851 7777
22 January 2009
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