TMT Investments PLC Portfolio Revaluations Update (0929R)
19 September 2017 - 4:00PM
UK Regulatory
TIDMTMT
RNS Number : 0929R
TMT Investments PLC
19 September 2017
19 September 2017
TMT INVESTMENTS PLC
("TMT" or the "Company")
Portfolio Revaluations Update
TMT Investments PLC (AIM: TMT.L), the venture capital company
investing in high-growth technology companies across a number of
core specialist sectors, announces the following investment
portfolio developments, which are collectively expected to result
in a US$9.2 million increase (+15.8%) in the Company's net asset
value ("NAV"):
-- TMT has sold a small proportion of its holdings in Wrike,
Pipedrive and ScentBird for a total consideration of approximately
US$1.1 million to two investors, one being an institutional
investor and the other a private investor. In the case of Wrike,
the valuation achieved was in line with the valuation previously
announced by TMT. In the cases of Pipedrive and ScentBird, the
disposals were at higher implied valuations than those previously
announced by TMT, with fair value uplifts of US$2.8 million (+40%)
and US$6.6 million (+728%) respectively.
-- LeTote, the online fashion rental retailer, has completed a
new equity financing round at an increased valuation for LeTote
compared to the level previously announced by TMT. Backblaze, the
online backup and cloud storage company, has received a new
independent valuation report ascribing a higher fair value for
Backblaze than that previously announced by TMT. At the same time,
TMT has impaired its holding in native advertising platform Virool.
The developments in LeTote, Backblaze and Virool are collectively
expected to result in a US$0.2 million decrease in the Company's
net asset value.
These developments collectively result in an expected increase
of approximately US$9.2 million (or 15.8%) over the Company's
unaudited NAV of US$58.4 million as at 30 June 2017, equivalent to
approximately 33 cents in additional NAV per TMT share.
In its half-year 2017 report, the Company's NAV per share as of
30 June 2017 was announced at US$2.09 (bonus-adjusted).
Alexander Selegenev, Executive Director of TMT, commented:
"We are delighted with these positive revaluations across our
portfolio, in line with the expectations announced in our 2016
Annual Report. We are also pleased with the fact that growth rates
continue across many of our star portfolio companies, creating the
basis for further potential positive revaluations and profitable
exits in the future."
This announcement is inside information for the purposes of
Article 7 of EU Regulation 596/2014.
For further information contact:
TMT Investments PLC +44 1534 281 843
Alexander Selegenev alexander.selegenev@tmtinvestments.com
Executive Director
www.tmtinvestments.com
Smith & Williamson Corporate
Finance Ltd
Nominated Adviser
Russell Cook
David Jones
Ben Jeynes +44 (0)20 7131 4000
Hybridan LLP
Broker
Claire Louise Noyce +44 20 3764 2341
Kinlan Communications +44 20 7638 3435
David Hothersall davidh@kinlan.net
About TMT Investments PLC
TMT Investments PLC invests in high-growth technology companies
across a number of core specialist sectors and has a significant
number of Silicon Valley investments in its portfolio. Founded in
2010, TMT has net assets of US$58m and has invested in over 40
companies to date. The company's objective is to generate an
attractive rate of return for shareholders, predominantly through
capital appreciation. The company is traded on the AIM market of
the London Stock Exchange. www.tmtinvestments.com
This information is provided by RNS
The company news service from the London Stock Exchange
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