TMT Investments PLC Receipt of $22.3 million in respect of disposal (8132M)
January 11 2019 - 1:00AM
UK Regulatory
TIDMTMT
RNS Number : 8132M
TMT Investments PLC
11 January 2019
11 January 2019
TMT INVESTMENTS PLC
("TMT" or the "Company")
Receipt of US$22.3 million in respect of the disposal of TMT's
interest in Wrike
TMT Investments PLC (AIM: TMT.L), the venture capital company
investing in high-growth technology companies, is pleased to
announce that, further to its announcement of 2 January 2019
regarding the disposal of its entire holding in Wrike, Inc.
("Wrike") (the "Disposal"), the Company confirms receipt of the
initial net consideration of US$22.3 million, with the deferred
consideration of up to US$0.3 million payable, subject to certain
adjustments, over a period of 18 months. The Company confirms that
after certain completion adjustments to the overall consideration,
the net aggregate cash consideration due to the Company has been
reduced by US$0.3 million to US$22.6 million.
The Disposal represents a substantial uplift in the valuation of
TMT's investment in Wrike and following receipt of US$22.3 million,
the Company's cash position has now increased significantly to over
US$25.0 million and the Company will continue to seek to identify
and invest in opportunities within the technology sector to create
significant shareholder value.
This announcement is inside information for the purposes of
Article 7 of EU Regulation 596/2014.
For further information contact:
TMT Investments PLC +44 (0)1534 281 800
Alexander Selegenev (Computershare - Company Secretary)
Executive Director
www.tmtinvestments.com alexander.selegenev@tmtinvestments.com
Strand Hanson Limited
(Nominated Adviser)
Richard Tulloch
James Dance
Eric Allan +44 (0)20 7409 3494
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 45 companies to date and has latest
announced net assets of US$82 million. 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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