Sale of remaining stake in Kobalt Music

Sale of remaining stake in Kobalt Music ("Kobalt") SPARK Ventures announces the sale of its remaining stake in Kobalt for net cash proceeds of £5.4m, thus substantially increasing the Company's cash balances. This brings SPARK's total proceeds from Kobalt to £19.2m from total investments of £4m, a multiple of 4.8 times the investment, and an IRR of 16%. SPARK was the founding investor in Kobalt in 2001 together with management. The buyers of SPARK's stake are a specialist US fund. Thomas Teichman, Chairman of SPARK Venture Management and Director of Kobalt Music said "We would like to thank Willard Ahdritz, Founder and CEO and his team for their outstanding commitment and determination, combined with technical and music expertise which has been the foundation of this world class independent music publishing and label business. Over a 13 year period since we first invested, these qualities have consistently shone through and resulted in ongoing success. Now Kobalt is the world's leading Independent music publisher."