TMT Investments PLC CANNOT PARSE STORY: internal parse error -21 (1753W)
December 23 2013 - 2:00AM
UK Regulatory
TIDMTMT
RNS Number : 1753W
TMT Investments PLC
23 December 2013
23 December 2013
TMT INVESTMENTS PLC
("TMT" or the "Company")
Investment in WeatherMe OÜ
TMT Investments PLC, which invests in high-growth,
internet-based companies across a variety of sectors, is pleased to
announce the completion of an investment in WeatherMe OÜ
(www.vitalfields.com).
Incorporated in Tallinn, Estonia, WeatherMe OÜ ("VitalFields")
is a mobile and Internet-based software application providing a
comprehensive farm management solution.
With the help of industry scientists and machine learning
algorithms, VitalFields is helping farmers with:
-- Plant disease and growth phase modelling;
-- Tracking climatic patterns and analyzing farmers' risks; and
-- Farm management (everything from planning farm activities to
stock management and P&L reports).
By optimizing fieldwork and resources, farmers are able to make
production more efficient. In time, VitalFields also plans to
become a valuable analytical tool, which will assist farmers in
becoming even more efficient by providing them with advice based on
the knowledge accumulated from similar farms and their production
methods.
TMT's investment consists of a EUR100,000 unsecured convertible
promissory note in VitalFields ("Note") on the following terms:
-- Interest rate - 15% per annum.
-- Term - unless previously converted, the Note will be
repayable in whole or in part at par at the option of investors
holding a majority of the Notes on any date after the first
anniversary of the Note.
-- Conversion -
o Automatic conversion: Any outstanding principal and unpaid
accrued interest on the Note will be automatically converted into
VitalFields' equity securities upon the earliest of (i) closing of
the next equity financing, or (ii) change of control of
VitalFields, in either case at an equity valuation equal to the
lower of (a) 90% of the equity valuation of VitalFields applicable
to the next equity financing or change of control, or (b)
EUR3,500,000 for the whole of VitalFields' fully diluted common
stock.
o Optional conversion: prior to a change of control of
VitalFields or at any time after the first anniversary of the Note,
any outstanding principal and unpaid accrued interest on the Note
may be converted at the option of investors holding a majority of
the Notes at an equity valuation equal to EUR3,500,000 for the
whole of VitalFields' fully diluted common stock.
The company is run by two co-founders: Martin Rand (CEO) and
Vahur Meus (CTO).
Martin has a wealth of product management experience from Skype
where he shipped one of the few Skype business products - Skype
manager. He also has executive management experience from
TeliaSonera and agricultural experience while working at the Plant
Production Inspectorate of Estonia as a CIO.
Vahur has a deep technical knowledge working as a back-end
developer at PlayTech, one of the popular game development studios.
He has also created a terminology translation system called
TermBase that was acquired by the Estonian Language Institute.
Definitive agreements for the transaction were entered into, and
the transaction was completed, on 20 December 2013.
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 27 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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