TMT Investments PLC Additional investment in KitApps, Inc. (1580B)
February 28 2014 - 2:03AM
UK Regulatory
TIDMTMT
RNS Number : 1580B
TMT Investments PLC
28 February 2014
28 February 2014
TMT INVESTMENTS PLC
("TMT" or the "Company")
Additional investment in KitApps, Inc.
TMT Investments PLC, which invests in high-growth,
internet-based companies across a variety of sectors, is pleased to
announce the completion of an additional investment in KitApps,
Inc. ("KitApps").
Incorporated in Delaware and headquartered in San Francisco,
California, KitApps offers a mobile app platform ("Attendify") that
enables event planners to create customized mobile apps for
conferences, tradeshows, exhibitions and other types of events.
With a focus on boosting attendee engagement, Attendify's apps
deliver a private social networking experience complete with a
timeline, photo sharing, messaging and attendee profiles, as well
as full event guide functionality. Attendify is used by Google,
Disney, Philips, Bloomberg, and thousands of event and meeting
planners to increase attendee participation and create a more
dynamic event experience.
TMT's original investment in KitApps was completed on 10 July
2013 and consisted of a US$200,000 unsecured convertible promissory
note in KitApps (the "First Note").
TMT's new investment consists of a US$200,000 unsecured
convertible promissory note in KitApps (the "Second Note") on the
following terms:
-- Interest rate - 2% per annum.
-- Term - unless previously converted, the Second Note will be
repayable in whole or in part at par at TMT's option on any date
after 27 February 2016.
-- Conversion -
o Automatic conversion: any outstanding principal and unpaid
accrued interest on the Second Note will be automatically converted
into KitApps's equity securities upon the earliest of (i) closing
of the next equity financing, or (ii) change of control of KitApps,
in either case at an equity valuation equal to the lower of (a) 80%
of the equity valuation of KitApps applicable to the next equity
financing or change of control, or (b) US$6,000,000 for the whole
of KitApps's fully diluted equity capital.
o Optional conversion: any outstanding principal and unpaid
accrued interest on the Second Note may be converted after 27
February 2016 at TMT's option at an equity valuation equal to
US$6,000,000 for the whole of KitApps's fully diluted equity
capital.
Alexander Selegenev, Executive Director of TMT Investments PLC,
said: "Attendify has made strong progress in getting blue chip
companies to use its mobile apps at their events and we are pleased
to be able to support further growth in the company".
Definitive agreements for the transaction were entered into, and
the transaction was completed, yesterday.
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 over 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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