TMT Investments PLC Conversion of promissory notes in Tracks Media (2176M)
August 21 2013 - 10:14AM
UK Regulatory
TIDMTMT
RNS Number : 2176M
TMT Investments PLC
21 August 2013
21 August 2013
TMT INVESTMENTS PLC
("TMT" or the "Company")
Conversion of promissory notes in Tracks Media, Inc.
TMT Investments PLC, which invests in high-growth internet-based
companies across a variety of sectors, announces that, as part of a
mutually agreed recapitalization program, in which all promissory
note holders have agreed to convert their notes into equity, the
outstanding principal of the Company's convertible promissory notes
in Tracks Media, Inc. ("Tracks"), amounting to US$536,500 was
yesterday converted into Tracks's common shares. Post-conversion,
TMT will own 8.545% of Tracks's fully diluted equity capital. As
part of the recapitalisation, all the outstanding accrued interest
on the convertible notes has been waived. This conversion will have
no effect on the book value of TMT's investment in Tracks.
TMT's original investments in Tracks were made on 24 November
2011 and 7 March 2013 and consisted of a US$436,500 and US$100,000
unsecured convertible promissory note in Tracks respectively.
Tracks (www.tracks.io) is a mobile and web service that enables
users to effortlessly create photo stories around real world
experiences ('tracks'). In addition, Tracks has recently launched a
new mobile app called "Kanvas", which allows users to express
themselves by easily adding text, stickers, painting and sound to
their "kanvases" and share them across various social networks.
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 26 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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