Exercise of option in DepositPhotos, Inc. (5650E)
May 31 2012 - 11:31AM
UK Regulatory
TIDMTMT
RNS Number : 5650E
TMT Investments PLC
31 May 2012
31 May 2012
TMT INVESTMENTS PLC
("TMT" or the "Company")
Exercise of option in DepositPhotos, Inc.
TMT is pleased to announce completion of an additional
investment in its portfolio company DepositPhotos, Inc.
("DepositPhotos").
Pursuant to the option granted to TMT at the time of the
Company's original investment in DepositPhotos, TMT today acquired
206,764 new and 206,766 existing shares in DepositPhotos for an
aggregate consideration of US$2 million. As a result, TMT currently
owns 768,530 shares in DepositPhotos representing 30.0% of
DepositPhotos's fully diluted equity capital.
TMT's original investment in DepositPhotos was made on 26 July
2011, when TMT acquired new shares representing 15.0% of
DepositPhotos's equity capital for a consideration of US$1,988 and
an obligation to make capital contributions to DepositPhotos of
twice the amount of any capital contributions made by
DepositPhotos's founder and CEO in the period up to 3 years, up to
a total further investment by TMT of US$1 million. This
co-investment obligation was fully fulfilled by TMT in February
2012.
As part of the original investment, TMT was granted an option to
increase its investment in DepositPhotos to 30.0% of the share
capital at an aggregate price of between US$500,000 and US$2
million, dependent on DepositPhotos's financial performance in the
first year from the completion of TMT's initial investment.
DepositPhotos (www.depositphotos.com) is a leading fast-growing
source for premium royalty-free stock photos, illustrations and
vector art on the Internet.
For further information contact:
TMT INVESTMENTS PLC +44(0)1534 281 843
Mr. Alexander Selegenev alexander.selegenev@tmtinvestments.com
www.tmtinvestments.com
ZAI Corporate Finance Ltd
NOMAD and Broker
Marc Cramsie/Irina Lomova 020 7060 2220
Kinlan Communications Tel. +44 (0) 20 7638 3435
David Hothersall davidh@kinlan.net
This information is provided by RNS
The company news service from the London Stock Exchange
END
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