TMT Investments PLC Transaction in Own Shares (3390G)
June 05 2013 - 4:27AM
UK Regulatory
TIDMTMT
RNS Number : 3390G
TMT Investments PLC
05 June 2013
5 June 2013
TMT INVESTMENTS PLC
("TMT" or the "Company")
Buy-back of the Company's shares
The Company announces that on 4 June 2013 it agreed to purchase
636,363 ordinary shares of no par value each in the Company
("Ordinary Shares") at a price of US$1.10 per Ordinary Share, being
a discount of 37% to the closing price of the Ordinary Shares on 3
June 2013, at a cost of US$700,000.
The ordinary shares are part of the shareholding of Caninton
Trading Ltd. ("Caninton"), whose shareholding in the Company will
be reduced to 2,971,698 Ordinary Shares, representing 11.99% of the
Company's issued ordinary share capital.
The purchase follows a request to the Company by Caninton, who
wish to realise cash for reasons unconnected with TMT. The Board
has agreed to this request bearing in mind that the Company has
sufficient cash resources and that the price paid is in line with
the Company's latest reported net asset value per Ordinary Share.
The Ordinary Shares purchased from Caninton will be cancelled.
Alexander Selegenev, Executive Director of TMT Investments PLC,
commented:
"The Board believes that this buy back, conducted at a 37%
discount to the Company's share price, is to the benefit of all
shareholders."
The purchase of shares from a substantial shareholder is a
related party transaction under the AIM Rules. The Directors,
having consulted with the Company's Nominated Adviser ZAI Corporate
Finance Ltd, believe that the terms of the transaction are fair and
reasonable insofar as the Company's shareholders are concerned.
Following the purchase, the Company will have zero Ordinary
Shares held in treasury.
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,
TMT has raised USD28m and invested in 25 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
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