TMT Investments PLC Cash-for-shares swap by senior management (1979T)
December 11 2012 - 2:00AM
UK Regulatory
TIDMTMT
RNS Number : 1979T
TMT Investments PLC
11 December 2012
11 December 2012
TMT INVESTMENTS PLC
("TMT" or the "Company")
Cash-for-shares swap by senior management
TMT announces that three senior executives have signed
agreements with the Company to receive all of their 2013 salaries
in TMT shares on 31 December 2013 rather than monthly in cash. The
number of shares receivable in each case is fixed at a price of
US$1.6 per share, which compares with the latest middle marker
quotation for TMT shares of US$1.6 per share. The agreements are
binding on the executives concerned regardless of TMT's future
share price.
The executives concerned, who all receive salaries of US$100,000
per annum and will thus receive 62,500 TMT shares each,
representing 0.25% of TMT's existing share capital, are:
-- Mr. Alexander Morgulchik and Mr. German Kaplun, who at
present collectively own 16.7% of the issued share capital of TMT
and are thus Related Parties for the purposes of the AIM Rules;
and
-- Mr. Artyom Inyutin, who at present owns 5.28% of the issued share capital of TMT.
In accordance with the AIM Rules, the directors of the Company,
all of whom are independent for the purposes of this transaction,
having consulted with the Company's nominated adviser, ZAI
Corporate Finance Limited, consider that the terms of the
transaction are fair and reasonable insofar as the Company's
shareholders are concerned.
Alexander Selegenev, Executive Director, said today "We welcome
this agreement by senior executives to receive TMT shares rather
than cash. It indicates confidence by senior management in our
strategy and frees up resources for investment in our
portfolio."
For further information contact:
TMT Investments Plc +44 1534 281 843
Mr. Alexander Selegenev alexander.selegenev@tmtinvestments.com
www.tmtinvestments.com
ZAI Corporate Finance
Ltd.
NOMAD and Broker
Marc Cramsie/Irina Lomova +44 20 7060 2220
Kinlan Communications Tel. +44 20 7638 3435
David Hothersall davidh@kinlan.net
About TMT Investments
TMT Investments PLC invests in high-growth, internet-based
companies across a variety of sectors and has a significant number
of Silicon Valley investments in its portfolio. Founded in 2010 and
with capital firepower of USD26m, TMT has invested in 22 companies
to date. 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
This information is provided by RNS
The company news service from the London Stock Exchange
END
STRBIBDDXSBBGDG
Tmt Investments (LSE:TMT)
Historical Stock Chart
From May 2024 to Jun 2024
Tmt Investments (LSE:TMT)
Historical Stock Chart
From Jun 2023 to Jun 2024