TIDMTMT
RNS Number : 1095F
TMT Investments PLC
18 April 2011
TMT INVESTMENTS PLC
("TMT" or the "Company")
Final results for the period from 30 September 2010 to 31
December 2010
18 April 2011
Executive Director's Statement
TMT Investments has been established for the purpose of
identifying and acquiring, or making and disposing of investments
in the Telecoms, Media and Technology ("TMT") sector. The Company
raised US$20 million of equity capital (before expenses) in
conjunction with its admission to AIM in December 2010.
Since our successful admission on AIM, TMT has executed its
strategy of identifying promising investment opportunities in the
TMT sector. The Company's investment team, comprising myself,
Alexander Morgulchik and German Kaplun, have reviewed a significant
number of investment opportunities, particularly focusing on the
"digital media" segment of our target market. Given the inherent
international nature of businesses operating in this segment, the
geography of our potential investment opportunities is very diverse
and includes such countries as Israel, the UK, Russia, China, and
the USA.
We have a number of projects under evaluation, and intend to
complete investments with our most promising prospects in the near
future. The Directors maintain their stated intention of making at
least three investments within 18 months of the Company's admission
to AIM.
The Company has also worked on strengthening its team. We have
held discussions with a number of candidates to assist TMT on the
investment search and structuring front. Once these discussions
have been finalised, the Company will make appropriate
announcements in due course.
We look forward to updating our shareholders on the Company's
progress in the nearest future.
Alexander Selegenev
Executive Director
For further information contact:
TMT INVESTMENTS PLC
Mr. Alexander Selegenev +44(0)1534 281 843
www.tmtinvestments.com alexander.selegenev@tmtinvestments.com
ZAI Corporate Finance Ltd NOMAD and
Broker Richard Morrison, Irina
Lomova, Wei Wang 020 7060 2220
Statement of Comprehensive Income
For the period from 30 September 2010
to 31 December 2010, USD
Notes
Revenue -
--------------------------------- ---------------- ----------------------
Expenses
Administrative expenses 3 (27,479)
Operating loss (27,479)
Finance income 600
---------------------------------- ---------------- ----------------------
Loss before taxation (26,879)
Taxation 4 -
--------------------------------- ---------------- ----------------------
Loss attributable to equity
shareholders (26,879)
Other comprehensive income -
--------------------------------- ---------------- ----------------------
Total comprehensive loss
for period (26,879)
---------------------------------- ---------------- ----------------------
Loss per share (cents per share)
- basic and diluted 5 (0.57c)
---------------------------------- ---------------- ----------------------
Statement of Financial Position
At 31 December 2010, USD
Notes
Current Assets
Cash & cash equivalents 6 19,648,821
--------------------------- ---------- ---------------
Total assets 19,648,821
--------------------------- ---------- ---------------
Current Liabilities
Trade and other payables 7 39,453
--------------------------- ---------- ---------------
Total liabilities 39,453
--------------------------- ---------- ---------------
Net assets 19,609,368
--------------------------- ---------- ---------------
Equity
Share capital 19,636,247
Retained losses (26,879)
--------------------------- ---------- ---------------
Total equity 19,609,368
--------------------------- ---------- ---------------
For the period from 30
September 2010 to 31
Statement of Cash Flows December 2010, USD
Operating activities
Operating loss (27,479)
-------------------------------------- ------------------------------------
Adjustments for:
Increase in accrued operating
expenses 22,639
-------------------------------------- ------------------------------------
Net cash used by operating activities (4,840)
-------------------------------------- ------------------------------------
Investing activities
Finance income 600
-------------------------------------- ------------------------------------
Net cash from investing activities 600
-------------------------------------- ------------------------------------
Financing activities
Proceeds from issue of shares (net
of costs, adjusted for accrued IPO
costs of GBP16,814) 19,653,061
-------------------------------------- ------------------------------------
Net cash from financing activities 19,653,061
-------------------------------------- ------------------------------------
Increase in cash and cash equivalents 19,648,821
Cash and cash equivalents on
incorporation -
------------------------------------- ------------------------------------
Cash and cash equivalents at end of
period 19,648,821
-------------------------------------- ------------------------------------
Statement of Changes in Equity
For the period from 30 September 2010
to 31 December 2010, USD
Retained
Share capital losses Total equity
------------------------------------ -------------- --------- -------------
Balance on incorporation at 30
September 2010 - - -
------------------------------------ -------------- --------- -------------
Total comprehensive loss for period (26,879) (26,879)
------------------------------------ -------------- --------- -------------
Transactions with owners:
Issue of shares 20,000,000 - 20,000,000
Share issue costs (363,753) - (363,753)
------------------------------------ -------------- --------- -------------
19,636,247 - 19,636,247
------------------------------------ -------------- --------- -------------
Balance at 31 December 2010 19,636,247 (26,879) 19,609,368
------------------------------------ -------------- --------- -------------
Notes to the Financial Statements for the period ended 31
December 2010
1. Company information
TMT Investments plc ("TMT Investments" or the "Company") is a
company incorporated in Jersey with its registered office at
Queensway House, Hilgrove Street, St Helier, JE1 1ES, Channel
Islands.
The Company was incorporated and registered on 30 September 2010
in Jersey under the Companies (Jersey) Law 1991 with registration
number 106628 under the name TMT Investments Limited. The Company
obtained consent from the Jersey Financial Services Commission
pursuant to the Control of Borrowing (Jersey) Order 1985 on 30
September 2010. On 1 December 2010 the Company re-registered as a
public company and changed its name to TMT Investments plc.
The memorandum and articles of association of the Company does
not restrict its activities and therefore it has unlimited legal
capacity. As the Company was recently formed, it has not yet made
any investments so the Directors cannot evaluate its likely
performance. The Company's ability to implement its Investment
Strategy and achieve its desired returns will be limited by its
ability to identify and acquire suitable investments. Suitable
investment opportunities may not always be readily available.
The Company will seek to make investments in any region of the
world. However the expertise of the Directors and the Consultants
is predominantly in emerging markets, and in particular Russia and
the Commonwealth of Independent States.
Financial statements of TMT Investments are prepared by and
approved by the Directors in accordance with IFRSs as adopted by
the EU ("IFRSs"). The Company's accounting reference date is 31
December. The first accounting period ended on 31 December 2010.
The principal accounting policies applied in the preparation of
these financial statements are set out below.
2. Summary of significant accounting policies
2.1 Basis of presentation
TMT Investments has prepared its financial statements for the
period from incorporation on 30 September 2010 to 31 December 2010
in compliance with IFRSs. The financial statements are prepared
using the historical cost convention. As the Company was
incorporated during the period under review, no prior period
comparative figures are presented in these financial
statements.
2.2 Going concern
The Directors confirm that, after giving due consideration to
the financial position and expected cash flows of the Company; they
have a reasonable expectation that the Company will have adequate
cash resources to continue in operational existence for the
foreseeable future, and for at least one year from the date of
approval of these financial statements and they have therefore
adopted the going concern basis in preparing the financial
statements.
2.3 Segmental reporting
Operating segments are reported in a manner consistent with the
internal reporting provided to the chief operating decision-maker
who is responsible for allocating resources and assessing
performance of the operating segments and which has been identified
as the Board of Directors that make strategic decisions. For the
purposes of IFRS 8 'Operating Segments' the Company currently has
one segment, being 'Investing in the TMT sector'. No further
operating segment financial information is therefore disclosed.
2.4 Foreign currency translation
(a) Functional and presentational currency
Items included in the financial statements of the Company are
measured in United States Dollars ('US dollars', 'USD' or 'US$'),
which is the Company's functional and presentation currency.
(b) Transactions and balances
Foreign currency transactions are translated into US$ using the
exchange rates prevailing at the dates of the transactions.
Exchange differences arising from the translation at the year end
exchange rates of monetary assets and liabilities denominated in
foreign currencies are recognised in the consolidated statement of
comprehensive income.
Conversation rates, USD
-------------------------------------------
Average
Currency At 31.12.2010 rate
----------------- -------------- --------
British pounds,
GBP 1.54 1.59
----------------- -------------- --------
2.5 Employees and payroll
The Company has no employees.
2.6 Cash and cash equivalents
Cash and cash equivalents consist of cash at bank and in hand,
deposits held at call with banks, bank overdrafts and other
short-term highly liquid investments with maturities of three
months or less from the date of acquisition.
2.7 Taxation
Deferred tax is provided in full using the liability method, on
temporary differences arising between the tax bases of assets and
liabilities and their carrying amounts in the financial statements.
Deferred tax is not accounted for if it arises from initial
recognition of an asset or liability in a transaction other than a
business combination that, at the time of the transaction, affects
neither accounting nor taxable profit or loss. Deferred tax is
determined using tax rates that are expected to apply when the
related deferred tax asset is realised or when the deferred tax
liability is settled. Deferred tax assets are recognised to the
extent that it is probable that future taxable profits will be
available against which the temporary differences can be
utilised.
2.8 Equity instruments
Ordinary shares are classified as equity. Costs directly
attributable to the issue of new shares are shown in equity as a
deduction from the proceeds.
2.9 New IFRSs and interpretations not applied
At the date of authorisation of these financial statements, the
following standards and interpretations have not been applied in
these financial statements were in issue but not yet effective:
IFRS 9 Financial Instruments: Classification & Measurement 1 January
2013
IAS 24 Related Party Disclosures (revised) 1 January
2011
IFRIC 14 Amendment: Prepayments of a Minimum Funding 1 January
Requirement 2011
The Company has not early adopted these amended IFRSs and
interpretations. The Directors do not anticipate that the adoption
of these IFRSs and interpretations will have a material impact on
the Company's financial statements in the periods of initial
application.
2.10 Accounting estimates and judgements
Estimates and judgements will need to be regularly evaluated and
are based on historical experience and other factors, including
expectations of future events that are believed to be reasonable
under the circumstances. TMT Investments will need to make
estimates and assumptions concerning the future. The resulting
accounting estimates will, by definition, rarely equal the related
actual results. Due to the early stage of the Company's activities
there are currently no estimates and assumptions that have a
significant risk of causing a material adjustment to carrying
amounts of assets and liabilities at 31 December 2010 within the
next financial year.
3 Administrative expenses
Administrative expenses, USD
Accounting fees 2,000
Audit fees 11,000
Directors' fees (note
9) 8,304
Professional fees 6,175
Total 27,479
----------------------- -------
4 Taxation
Taxation, USD
Jersey corporation tax -
Overseas tax -
Deferred tax -
Total -
-----------------------
No tax reconciliation note has been presented as the income tax
rate for Jersey companies is 0%.
5 Loss per share
Basic loss per share is calculated by dividing the losses
attributable to the Company's shareholders by the weighted average
number of ordinary shares in issue during the period from
incorporation to 31 December 2010:
Loss per share
Loss for the period, US$ (26,879)
-------------------------------------- ----------
Weighted average number of shares 4,731,183
-------------------------------------- ----------
Loss per share (US$ cents per share) (0.57c)
-------------------------------------- ----------
The Company has not granted any share options during the period
so no diluted loss per share has been presented.
6 Cash & cash equivalents
Cash & cash equivalents, USD
At 31.12.2010
--------------------- --------------
Cash at bank and in
hand 19,648,821
--------------------- --------------
Cash and cash equivalents consist of cash at bank held in US
dollars. The effective interest rate at 31 December 2010 was 0.05%.
Short-term financial assets are only shown as cash and cash
equivalents if they are readily convertible to a known amount of
cash and are subject to an insignificant risk of changes in value.
In March 2011 the Directors approved depositing US$10 million with
Investec Bank Plc in London on a 32-day notice deposit with
interest of 1.45% per year.
7 Trade and other payables
Trade and other payables, USD
---------------------------------
Accrued expenses 39,453
Total 39,453
----------------------- --------
8 Annual Report and Accounts
A copy of the Annual Report and Notice of AGM is being posted to
shareholders shortly and will also be made available on the
Company's website www.tmtinvestments.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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