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NewMedia SPARK
The internet incubator turned venture capital investor has been forced to write down the value of its portfolio by around £40m, but still professes to be optimistic. Net asset value dropped from 42p to 32p between March and September, yet this was less than the fall in the techMARK index. There were a pair of 'strategic investments' in the period, of GlobalNet Financial and Sputz, a German financial services business. Refinancing (and hence upward revaluations) for its investee companies have been very thin on the ground, and look to remain that way until at least a year after the listed stock market recovers. NMS has, however, been cutting costs by sacking 35% of the staff and reining in its ambitious international expansion plans. The directors remain convinced that NMS remains in a good position to capitalise on the anticipated upswing in market conditions, but investors have not agreed as the price has slipped from 32.5p a year ago to the current 13.25p. Avoid.
Other Sector Watch
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- Talking rubbish Jul 28 2008
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drilling begin
May 13 2008 - Bargains on the high street
Mar 13 2008
M&A News
- ESI Group’s US software deal Dec 01 2008
- Adecco takes controlling stake in DNC Dec 01 2008
- Cardiff to establish venture fund Nov 28 2008
- Kay Technologies receives £1.8m windfall Nov 28 2008
- Dolphin buys Software Express Nov 27 2008
Special Offers
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- Growth Company Investor Magazine: Jul 17 2007
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- Venture Capital Trusts Jul 04 2007
M&A Deals
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- Commoditrade takes control of AMCO Dec 01 2008
- Moto picks up Roadchef site Nov 28 2008
- Accessories 4 Technology's £4m boost Nov 28 2008
- NCC secures Next Generation acquisition Nov 27 2008
Business Diary
- M&A Expanding internationally 27th November
- Rosenblatt New Energy Awards 2009 25th February