£35m Raised Via Share Placing
NewMedia SPARK PLC
25 November 1999
NewMedia SPARK raises £35 million via share placing
NewMedia SPARK plc ('SPARK') is pleased to announce a
successful placing of 60 million new ordinary shares with
institutional and other investors at a price of 60p per
share. Peel Hunt is broker to the issue. The net proceeds of
the placing, which has been over-subscribed, amount to
approximately £35.4 million and will enable SPARK to expand
substantially the scale of its activities in investing in
early stage Internet companies. The new ordinary share will
rank pari passu in all respects with the existing ordinary
shares of SPARK.
Application has been made for admission of the new ordinary
to trading on AIM. Trading in the new ordinary shares is
expected to commence on Wednesday 1 December 1999.
Commenting on the placing Michael Whitaker, CEO of SPARK,
stated:
'We are pleased by the success of this placing, which has
primarily gone to a range of leading institutional
investors. The funds raised will enable a substantial
increase in the scale of our activities; consistent with our
goal of building the leading quoted European Internet
Investment Company. We are at present receiving and
reviewing a very significant number of investment
opportunities, many of which are of a high quality.
Our goal is to build a portfolio of investments in early
stage companies operating in key areas of the Internet. The
introduction of broadband Internet access technologies over
the next 12-24 months will open up substantial new markets
for a wide range of Internet businesses in areas as diverse
as 'rich' content providers, B2C and B2B transactional
platforms, inter-active entertainment, and web
infrastructure software. We believe that we have one of the
largest and most credible teams in Europe investing in this
area, and we intend to build our team significantly in the
months ahead. We also intend to build upon our already wide-
ranging network of contacts and co-operative partners
amongst other Internet venture capital firms, financial
institutions and larger Internet industry companies.
The Internet is already beginning to transform many
industries, and we believe that the social and economic
changes that will be brought by the development of the
Internet over the next few years will be profound, and
unprecedented. We are excited by the prospect of playing a
leading part in these developments.'
____________________________________________________________
For further information please contact:
NewMedia SPARK 0171 887 4510
Michael Whitaker 0468-555944
Buchannan Communications
Tim Anderson/Lisa Baderoon 0171-466-5000
Peel Hunt & Company
David Davies 0171-418-8900
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