07/08/09 - Results of General Meeting
07 August 2009
SPARK Ventures plc ('SPARK' or the 'Company')
7 August 2009
Results of General Meeting
Expression of Possible Interest
At the general meeting of the shareholders of SPARK convened earlier today (the 'General Meeting') resolutions 1 and 2 were duly passed by the requisite majority on a show of hands. The return of cash to shareholders of an amount equivalent to two pence per existing ordinary share and the change to SPARK's investing strategy have therefore been approved.
As referred to in the announcement by the Company dated 6 August 2009, the chairman of the General Meeting proposed a resolution to adjourn the General Meeting for an indefinite period. The resolution to adjourn the General Meeting was duly passed by the requisite majority on a show of hands prior to the tabling of resolution 3.
Following the conclusion of the General Meeting, a representative of Chamonix Private Equity confirmed to those present that he had written within the last 24 hours to the Company expressing an interest in acquiring some or all of the SPARK portfolio and the Querist management contracts. It is understood that such proposed acquisition could be structured as either a purchase of the Company's assets or as an offer for shares of the Company.
The independent non-executive directors of the Company intend to commence discussions with this third party in relation to such expression of interest. However, the independent non-executive directors wish to stress that the approach is at a very early stage, no specific terms have been provided, including as to consideration, so there can be no certainty that an offer will be made for the Company or that any transaction might be entered into.
A further announcement will be made in due course.
For further information, please contact:
SPARK Ventures plc
Charles Berry
020 7851 7777
Collins Stewart Europe Limited (Nomad)
Hugh Field
Stewart Wallace
020 7523 8350
Capital MS&L
Annabel O'Connor
Wendy Svirakova
020 7307 5330