SPARK sponsors £70m+ merger of 6 Venture Capital Trusts managed by Downing LLP

SPARK Advisory Partners Limited (“SPARK”) has acted as Sponsor to Officially Listed Downing Distribution VCT 1 plc (to be renamed Downing ONE VCT plc) in its merger of 6 VCTs managed by Downing – by means of s110 liquidations of Downing Income VCT plc, Downing Income VCT 3 plc, Downing Income VCT 4 plc, Downing Absolute Income VCT 1 plc and Downing Absolute Income VCT 2 plc. If the Merger is approved by all the VCT’s shareholders, the Company should have increased net assets of over £70 million, annual running costs of around 2.67% of net assets per annum and a greater number, and more diversified portfolio, of investments. This represents SPARK’s second VCT client – following the sponsorship of the Amati VCT /Amati VCT 2 offers for subscription in early 2013.