New Media Spark TMT ripe for recovery

Buy-backs



In conjunction with the circulation of these interim statements, the company is
convening an EGM to seek approval from shareholders to increase the authority
for directors to conduct buy-backs from the current limitation of 10% of our
issued shares to 20% of our issued shares, reserves permitting. To date the
company has purchased 14.5m of its own shares into treasury, representing 3% of
its share capital. The average price at which these shares have been bought
back is 10.7p, representing a 24% discount to the current net assets per share
of 14.0p, and has cost the company #1.5m in total. The original authority
granted to the directors to conduct share buy-backs was set at the lower of 10%
of the company's share capital or #5m. In view of the increasing cash balances
and the maturing of the portfolio reflected in the improving net asset value,
the Directors have taken the view that it would be in the best interests of all
shareholders to raise the authority so as to allow them to pursue a more
aggressive buy-back policy.