TMT Investments PLC Cash-for-shares swap by senior management (6041V)
December 16 2013 - 4:18AM
UK Regulatory
TIDMTMT
RNS Number : 6041V
TMT Investments PLC
16 December 2013
16 December 2013
TMT INVESTMENTS PLC
("TMT" or the "Company")
Cash-for-shares swap by senior management
TMT announces that three of its senior executives have signed
agreements with the Company to receive all of their 2014 salaries
in TMT shares on 31 December 2014 rather than monthly in cash. The
number of shares receivable in each case is fixed at a price of
US$1.7 per share, which compares with the latest middle market
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 58,823 TMT shares each,
representing 0.24% of TMT's existing share capital, are:
-- Mr. Alexander Morgulchik and Mr. German Kaplun, who at
present collectively own 18.57% of the issued share capital of TMT;
and
-- Mr. Artyom Inyutin, who at present owns 19.65% of the issued share capital of TMT.
Each of the executive listed above are therefore Related Parties
for the purposes of the AIM Rules.
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, commented "We welcome
this agreement by senior executives to receive TMT shares rather
than cash. It indicates confidence by senior management in the
Company's strategy and frees up resources for future investment
activities."
The current salary-for-shares arrangement is in addition to a
similar agreement announced in December 2012, whereby the
executives concerned agreed to receive all of their 2013 salaries
in TMT shares on 31 December 2013. The number of shares receivable
on 31 December 2013 was fixed at a price of US$1.6 per share.
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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