By Rahul Prabhakar

TMCnet Contributing Editor

 

Spark Networks (News - Alert) plc, a leading supplier of online personals services, recently announced that the High Court of Justice in England and Wales has sanctioned the Scheme of Arrangement under the United Kingdom law. The scheme implies that Spark Networks will now be known as a subsidiary of Spark Networks, Inc., a Delaware corporation.

 

The Spark Networks’ portfolio consists of consumer Web sites such as, JDate.com (http://www.jdate.com/), BlackSingles.com (http://www.blacksingles.com/), AmericanSingles.com (http://www.americansingles.com/), and ChristianMingle.com (http://www.christianmingle.com/).

 

The reorganization is expected to take place on July 9, 2007, following which the United Kingdom company’s shares will be canceled. In addition, American Depositary Shares (ADS) holders, Global Depositary Shares (GDS) holders, and ordinary shareholders will obtain one share of Spark Networks, Inc., common stock for each depositary or ordinary share they currently own.

 

The United Kingdom company’s shares include:

·                    ADSs, currently trading on the American Stock Exchange,

·                    GDSs, currently trading on the Frankfurt Stock Exchange; and

·                    ordinary shares

 

The shares of common stock in Spark Networks, Inc. will also be listed for trading on the American Stock Exchange on the effective date, under the ticker symbol “LOV,” which is the current ticker symbol for Spark Networks plc. The quotation and admission for trading of the GDSs on the Frankfurt Stock Exchange will expire within 48 hours of the effective date. On this date, the ADSs will stop trading on the American Stock Exchange.