Following approval by shareholders at the General Meeting of the Company on 7 August 2009, the company’s investing policy changed.
The new investing policy in respect of the SPARK Ventures plc balance sheet investments is as follows:
• Make no more investments into new businesses from its own balance sheet resources and will seek to realise its Existing Investments
• Over the period to 31 March 2014. The Company will be restricted to making investments in assets or companies that are included in its Existing Investments
• Make further follow-on investments and realise its Existing Investments where to do so will enhance Shareholder value on a sale
• Seek to actively manage its Existing Investments where the Directors consider to do so will enhance Shareholder value on a sale. It is intended that the Existing Investments will be progressively realised over the period up to 31 March 2014;and
• Return surplus cash to Shareholders arising from its cash reserves and from the realisation of Existing Investments on at least an annual basis (subject to the Company maintaining sufficient working capital). The Company intends to make progressive returns of cash to Shareholders up to 31 March 2014.
It is expected that Company’s portfolio of assets will become more concentrated as Existing Investments are progressively realised.
The Board has no present intention to leverage any of the Existing Investments (although some investee companies may themselves be leveraged) and there are no cross holdings.
Note that the term “Exisiting Investments” essentially refers to those investments shown in the SPARK Ventures plc annual report for the year to 31 March 2009.