TMT Tmt Investments Plc

RNS Number:8411R
TMT Group PLC
28 September 2005

TMT Group Plc ("TMT" or the "Company")



These accounts cover the period to 30 June 2005. The Company has yet to make an
acquisition, and therefore generated no income during the period. The Company
made an operating loss of #207,907, and had net assets of #922,273, including
cash of #938,389 at the period end.



Since I last reported to you, the Directors have continued to pursue TMT's
strategy of identifying and acquiring businesses within the TMT sector. Despite
considering many opportunities within this sector, as at the balance sheet date,
the Board had yet to identify a suitable target. Subsequent to the balance sheet
date, on 19 August 2005, TMT announced it had made a commitment of Euro375,000 to
Mobile Tornado International Limited ("Tornado") as part of a proposed Euro2.4
million fundraising by Tornado through the issue of redeemable loan stock ("Loan
Stock"). Tornado has developed a business model based on "push to talk"
technology that, among other things, enables a mobile phone to be used as a
walkie-talkie without roaming charges.  The Loan Stock, which is unsecured,
carries interest of 20 per cent per annum and is convertible into ordinary
shares of Tornado, inter alia, immediately prior to the acquisition of the
issued and to be issued share capital of Tornado.



It was also announced that TMT had entered into non-binding heads of agreement
setting out the proposed terms for the acquisition of Tornado (the "Proposed
Acquisition"). TMT has been granted an exclusivity period of 90 days from 19
August 2005 during which to conduct the acquisition process.



The Proposed Acquisition, which will constitute a reverse takeover under the AIM
Rules, is conditional, inter alia, on satisfactory due diligence being
undertaken on Tornado, the approval of TMT's shareholders in general meeting,
the negotiation and execution of formal legally binding documentation setting
out the terms of the transaction and admission of the enlarged entity to trading
on AIM. Consequently the Company's ordinary shares have been suspended from
trading on AIM pending confirmation that the Company will proceed with the
Proposed Acquisition and publication of an admission document in respect of the
proposed enlarged entity, detailing the terms of the Proposed Acquisition.









Chris Akers

Non-executive Chairman

                                                          Note
                                                                       #

Turnover                                                               -

Cost of sales                                                          -

Gross profit                                                           -

Administrative expenses                                                (207,907)

Operating loss                                                         (207,907)

Interest receivable                                                    37,008

Loss on ordinary activities before taxation                            (170,899)

Tax on profit on ordinary activities                                   -

Loss for the period                                                    (170,899)

Loss per share                                             2             (3.03p)





All transactions arise from continuing operations.



There are no recognised gains or losses other than the loss for the period.









                                                          Note
                                                                       #
Current assets
Debtors                                                                26,234
Cash at bank and in hand                                               938,389
                                                                       964,623

Creditors: amounts falling due within one year                         (42,350)

Net current assets                                                     922,273



Capital and reserves
Called up share capital                                                118,750
Share premium account                                                  974,422
Profit and loss account                                                (170,899)

Equity shareholders' funds                                             922,273







                                                          Note
                                                                      #

Net cash outflow from operating activities                             (165,557)

Returns on investments and servicing of finance
Bank interest received                                                 10,774

Management of liquid resources
Cash on deposit                                                        (200,000)

Financing
Issue of new shares                                                    1,200,000
Costs of share issue                                                   (106,828)
Net cash inflow from financing                                         1,093,172

Increase in cash                                                       738,389











1                     BASIS OF PREPARATION

The financial statements have been prepared in accordance with applicable
accounting standard and under the historical cost convention.  The company's
principal accounting policies are set out below.



2                     LOSS PER SHARE

The calculated of the basic loss per share is based on the loss attributable to
ordinary shareholders of #170,892 divided by the weighted average number of
shares in issue during the year.



The weighted average number of shares used in the calculations are set out
below:



3                     DIVIDEND

The Directors do not propose a payment of a dividend.



The Preliminary Announcement was approved by the board of directors on 27
September.  The full set of accounts will be sent to shareholders in due course
and will be available from the offices of Corporate Synergy Plc, 30 Old Broad
Street, London EC2N 1HT.


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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