TMT Investments PLC Statement re Portfolio Update (8234E)
October 23 2018 - 1:00AM
UK Regulatory
TIDMTMT
RNS Number : 8234E
TMT Investments PLC
23 October 2018
23 October 2018
TMT INVESTMENTS PLC
("TMT" or the "Company")
Portfolio update
TMT Investments PLC (AIM: TMT.L), the venture capital company
investing in high-growth technology companies across a number of
core specialist sectors, is pleased to announce the following
portfolio update.
Following the publication of the Company's interim results in
August 2018, TMT has continued its investment programme by
employing the proceeds from the equity placement that took place in
March 2018.
eAgronom
In August 2018, the Company invested US$234,158 in eAgronom
(https://eagronom.com/en/), an Estonian SaaS ("software as a
service") company, built by farmers for farmers, which helps
farmers plan farm activities, manage their administration, be
notified about potential regulatory violations, and manage
personnel and related activities.
FriendlyData
In July 2018, the Company invested US$100,000 in FriendlyData
(www.friendlydata.io), a natural language search interface for
enterprise data. In October 2018, FriendlyData was acquired by
NYSE-traded ServiceNow (NYSE:NOW), thus making TMT's investment in
FriendlyData the quickest profitable exit for the Company to date.
Given such a short investment period, TMT's return from this
investment will be minimal, but the case serves as yet another
testament to TMT's ability to identify highly promising start-ups,
even at very early stages.
Taxify
Taxify, a leading international ride-hailing company
(www.taxify.eu), continues to grow rapidly. In TMT's interim report
published in August 2018, we referred to Taxify's operating in 47
cities internationally. Taxify has now been launched in 57 cities
worldwide and keeps growing its turnover and revenue at triple
digits.
Token/pre-ICO trials
In order to keep abreast of the developments in the blockchain
space, in addition to the previously announced US$300,000
participation in the pre-ICO of Telegram, TMT has recently invested
$100,000 in two other pre-ICO transactions. Both pre-ICO
investments were successful, and the Company has already generated
a cash profit from those transactions, with some tokens still
unrealised.
In addition, Mainframe, one of TMT's previous investees, which
the Company in 2017 had previously written down the value of its
investment to zero, has recently completed a successful ICO.
Accordingly, TMT expects to recover some of its original investment
in Mainframe by disposing of the tokens that the Company received
from Mainframe, although it is too early to estimate the likely
value of this investment.
Bonus Plan
As announced previously the Company's existing Bonus Plan has
been extended for a further three years through to 30 June 2021 on
the same terms, with slightly amended initial allocations of the
bonus pool among the current participants. Under the Bonus Plan,
subject to achieving minimum hurdle rate and high watermark
conditions in respect of the Company's NAV, the beneficiaries of
the Bonus Plan will receive an aggregate annual cash bonus equal to
7.5% of the net increases in the Company's NAV, adjusted for any
changes in the Company's equity capital resulting from issuance of
new shares, dividends, share buy-backs or similar corporate
transactions in each relevant year.
The beneficiaries of the Bonus Plan include Alexander Selegenev
and Yuri Mostovoy who are directors of the Company, and German
Kaplun, a Substantial Shareholder. As Directors or a Substantial
Shareholder, their participation in the Bonus Plan represents a
Related Party Transaction under the AIM Rules for Companies. The
Directors, excluding Alexander Selegenev and Yuri Mostovoy,
consider, having consulted with the Company's Nominated Adviser
Smith & Williamson Corporate Finance, that the terms of the
extension to the Bonus Plan are fair and reasonable insorfar as the
Company's shareholders are concerned.
Alexander Selegenev, Executive Director of TMT, commented:
"Following our successful capital raise in March 2018, we were
able to intensify our investment programme and expect to complete a
number of further investments in the coming weeks.
The Company's star portfolio companies continue to grow well,
and we expect a number of positive revaluations across our
portfolio in the coming months.
TMT shares trade at a significant discount to the Company's
latest announced bonus-adjusted NAV of US$2.75 per share (as of 30
June 2018)."
For further information contact:
TMT Investments PLC +44 1534 281 800
Alexander Selegenev (Computershare - Company Secretary)
Executive Director
www.tmtinvestments.com alexander.selegenev@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 invested in over 40 companies to date and has latest
announced net assets of US$82m. 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
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END
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