TIDMTMT
RNS Number : 0214Z
TMT Investments PLC
15 September 2015
15 September 2015
TMT INVESTMENTS PLC
("TMT" or the "Company")
Half year report for the six months to 30 June 2015
TMT Investments PLC, which invests in high-growth,
internet-based companies across a variety of sectors, is pleased to
announce its unaudited interim results for the half year ended 30
June 2015.
Key highlights
-- 5 positive revaluations, including Wrike, Pipedrive and PandaDoc
-- NAV per share of US1.51 (up 11% from US$1.36 as of 31 December 2014)
-- Many portfolio companies continue to experience rapid growth
EXECUTIVE DIRECTOR'S STATEMENT
Portfolio Performance
We are delighted that our expectations of seeing a number of
significant positive portfolio revaluations announced in our 2014
Annual Report started to materialize so early on in 2015. It is
especially pleasing to see that a number of companies in which we
invested at an earlier stage are now attracting the attention of
large, blue chip investment groups at higher valuations to support
their continued growth.
The following developments took place within the Company's
portfolio in the first half of 2015:
Cash and part-cash exits:
-- There were no cash or part-cash exists in the reporting period.
Positive non-cash revaluations:
-- In February 2015, Drippler, a mobile tech discovery media
service, completed a sizable equity financing round. The
transaction represents an uplift of approximately US$97,000 (or
48%) in the fair value of TMT's investment in Drippler, compared to
the amount announced as of 30 June 2014.
-- In April 2015, Wrike, a SaaS-based work management platform,
completed a US$15 million equity financing round. The transaction
represents an approximately US$2.3 million (or 116%) uplift in the
fair value of TMT's investment in Wrike, compared to the latest
reported amount reported as of 31 December 2014.
-- In April 2015, Pipedrive, a SaaS-based sales CRM software
provider, completed a US$9 million equity financing round led by
Bessemer Venture Partners. The transaction represents an
approximately US$1.82 million (or 235%) uplift in the fair value of
TMT's investment in Pipedrive, compared to the latest reported
amount as of 31 December 2014.
-- In May 2015, farm management software provider VitalFields
completed a new equity financing round. The transaction represents
an uplift of approximately US$36,000 (or 27%) in the fair value of
TMT's investment in VitalFields, compared to the latest reported
amount as of 31 December 2014.
-- In June 2015, PandaDoc, a SaaS-based sales management tool,
completed a US$5 million equity financing round. The transaction
represents an uplift of approximately US$90,000 (or 22%) in the
fair value of TMT's investment in PandaDoc, compared to the latest
reported amount as of 31 December 2014.
Impairments and write-offs:
-- There were no impairments or write-offs in the reporting period.
Negative non-cash revaluations:
-- There were no negative non-cash revaluations in the reporting period.
New investments
In April 2015, the Company invested US$300,000 in fragrance
subscription service ScentBird.
NAV per share
The Company's net asset value per share as of 30 June 2015 was
US$1.51 (up 11.0% from US$1.36 as of 31 December 2014).
Operating Expenses
In the first half of 2015, the Company's Administrative Expenses
of US$484,113 were notably lower than in the first half of 2014
(US$652,287). That was the result of a number of cost-cutting
measures undertaken by the Company at the end of 2014.
Financial position
As of 30 June 2015, the Company had US$1.84 million in cash
reserves. As of the date of this report, the Company has no debt
and approximately US$2.13 million in cash reserves.
Events after the reporting period and outlook
In August 2015, the Company invested an additional US$100,000 in
ScentBird.
In August 2015, TMT's portfolio company Kanvas Labs, Inc.
("Kanvas") was acquired by AOL, Inc. The transaction represents an
approximately US$0.46 million (or 134%) uplift in the fair value of
TMT's investment in Kanvas, compared to the latest reported amount
as of 31 December 2014.
With many of our portfolio companies experiencing rapid growth,
we expect a number of continuing positive revaluations of our
investee companies in the future. We look forward to updating our
shareholders on the Company's progress in due course.
Alexander Selegenev
Executive Director
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
Richard Morrison/Irina
Lomova +44 20 7060 2220
Kinlan Communications +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 net assets of US$42m and has invested in just under 40
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
Statement of Comprehensive Income
For the For the
six months six months
ended ended
30/06/2015 30/06/2014
Notes USD USD
Gain (losses) on investments 3 41,354 (560,966)
-------------------------------------------- ------ ------------ ------------
41,354 (560,966)
Expenses
Share-based payment charge (27,349) (94,848)
Administrative expenses 5 (484,113) (652,287)
-------------------------------------------- ------ ------------ ------------
Operating loss (470,108) (1,308,101)
Net finance income 7 5,085 6,987
-------------------------------------------- ------ ------------ ------------
Loss before taxation (465,023) (1,301,114)
Taxation - -
-------------------------------------------- ------ ------------ ------------
Loss attributable to equity
shareholders (465,023) (1,301,114)
Other comprehensive income
for the year:
Change in fair value of available-for-sale
financial assets 10 4,645,549 1,254,610
-------------------------------------------- ------ ------------ ------------
Total comprehensive income
for the year 4,180,526 (46,504)
-------------------------------------------- ------ ------------ ------------
Loss per share
Basic and diluted loss per
share (cents per share) 9 (1.68) (5.20)
-------------------------------------------- ------ ------------ ------------
Statement of Financial Position
At 30 June At 31 December
2015 2014
USD USD
Notes
Non-current assets
Investments in equity
shares 10 37,883,237 31,854,151
Convertible loan notes
receivable 10 2,078,398 3,091,702
Total non-current assets 39,961,635 34,945,853
Current assets
Trade and other receivables 11 138,482 159,784
Cash and cash equivalents 12 1,840,364 2,639,070
Total current assets 1,978,846 2,798,854
Total assets 41,940,481 37,744,707
Current liabilities
Trade and other payables 13 47,298 59,399
Total liabilities 47,298 59,399
----------------------------- ------ -------------------- ---------- ------------------------
Net assets 41,893,183 37,685,308
----------------------------- ------ -------------------- ---------- ------------------------
Equity
Share capital 14 31,453,510 31,453,510
Share-based payment
reserve 15 420,008 392,659
Fair value reserve 16 14,754,167 10,108,618
Retained losses 16 (4,734,502) (4,269,479)
Total equity 41,893,183 37,685,308
----------------------------- ------ -------------------- ---------- ------------------------
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Statement of Cash Flows
For the six For the
months ended six months
30/06/2015 ended
30/06/2014
USD USD
Notes
Operating activities
Operating loss (470,108) (1,308,101)
----------------------------------------------- ----- ------------- -----------
Adjustments for non-cash items:
Profit on disposal of available-for-sale - -
assets
Gain on conversion of loan notes
to equity (68,741) -
Impairment of available-for-sale
assets and accrued interest - 591,482
Employee salaries settled by - -
issue of shares
Share-based payment charge 15 27,349 94,848
Amortized costs of convertible
notes receivable 3 3,507 6,957
(507,993) (614,814)
----------------------------------------------- ----- ------------- -----------
Changes in working capital:
Decrease/(increase) in trade
and other receivables 11 21,302 (36,132)
(Decrease)/increase in trade
and other payables 13 (12,100) 1,175,742
Net cash (used by)/from operating
activities (498,791) 524,796
----------------------------------------------- ----- ------------- -----------
Investing activities
Interest received 5,085 6,987
Purchase of available-for-sale
assets 10 (305,000) (1,210,097)
Proceeds from sale of available-for-sale
assets 10 - -
----------------------------------------------- ----- ------------- -----------
Net cash used by investing activities (299,915) (1,203,110)
----------------------------------------------- ----- ------------- -----------
Financing activities
Cash proceeds from issue of shares - 558,334
Purchase of own shares - -
----------------------------------------------- ----- ------------- -----------
Net cash from financing activities - 558,334
----------------------------------------------- ----- ------------- -----------
Decrease in cash and cash equivalents (798,706) (119,980)
----------------------------------------------- ----- ------------- -----------
Cash and cash equivalents at the
beginning of the period 12 2,639,070 3,242,269
----------------------------------------------- ----- ------------- -----------
Cash and cash equivalents at the
end of the period 12 1,840,364 3,122,289
----------------------------------------------- ----- ------------- -----------
Statement of Changes in Equity
Share capital Share-based Fair value Retained losses Total
payment reserve reserve
Notes USD USD USD USD USD
Balance at 1
January 2014 26,895,179 695,970 7,937,367 (3,177,084) 32,351,432
------------------- ------ -------------- ------------------ ------------------ ---------------- -----------
Total
comprehensive
income/(loss)
for the year - - 2,171,251 (1,561,988) 609,263
Issue of shares 4,558,331 - - - 4,558,331
Buy back and
cancellation of
shares - 166,282 - - 166,282
Share-based
payment charge - (469,593) - 469,593 -
Lapse of share - - - - -
options
Balance at 31
December 2014 31,453,510 392,659 10,108,618 (4,269,479) 37,685,308
------------------- ------ -------------- ------------------ ------------------ ---------------- -----------
Total
comprehensive
income/(loss)
for the period - - 4,645,549 (465,023) 4,180,526
Issue of shares 16 - - - - -
Share-based
payment charge 16 - 27,349 - - 27,349
Transfers on 16 - - - - -
exercise / lapse
of share options
------------------- ------ -------------- ------------------ ------------------ ---------------- -----------
Balance at 30 June
2015 31,453,510 420,008 14,754,167 (4,734,502) 41,893,183
------------------- ------ -------------- ------------------ ------------------ ---------------- -----------
NOTES TO THE FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30
JUNE 2015
1. Company information
TMT Investments Plc ("TMT" or the "Company") is a company
incorporated in Jersey with its registered office at Queensway
House, Hilgrove Street, St Helier, JE1 1ES, Channel Islands.
The Company was incorporated and registered on 30 September 2010
in Jersey under the Companies (Jersey) Law 1991 with registration
number 106628 under the name TMT Investments Limited. The Company
obtained consent from the Jersey Financial Services Commission
pursuant to the Control of Borrowing (Jersey) Order 1985 on 30
September 2010. On 1 December 2010 the Company re-registered as a
public company and changed its name to TMT Investments PLC.
The memorandum and articles of association of the Company do not
restrict its activities and therefore it has unlimited legal
capacity. The Company's ability to implement its Investment Policy
and achieve its desired returns will be limited by its ability to
identify and acquire suitable investments. Suitable investment
opportunities may not always be readily available.
The Company will seek to make investments in any region of the
world.
The financial information relating to the six months ended 30
June 2015 is unaudited and does not constitute statutory accounts.
The comparative figures for the financial year ended 31 December
2014 are not the Company's statutory accounts for that financial
year. Statutory accounts for the year ended 31 December 2014 were
approved by the Board of Directors on 20 April 2014. The report of
the auditors on those accounts was unqualified, did not include a
reference to any matters to which the auditors drew attention by
way of emphasis without qualifying their report and did not contain
any qualification.
These unaudited interim financial results were approved by the
Board of Directors on 14 September 2015 and are available on the
Company's website
http://www.tmtinvestments.com/investor-relations/financial-reports/.
2. Summary of significant accounting policies
2.1 Basis of presentation
The accounting policies applied by the Company in these
unaudited interim results are based on International Financial
Reporting Standards as adopted by the European Union, including IAS
34 'Interim Financial Reporting', and in accordance with the
accounting policies which are the same as those applied by the
Company in its financial statements for the year ended 31 December
2014.
The Company's financial risk management objectives and policies
are consistent with that disclosed in the financial statements for
the year ended 31 December 2014.
For the purposes of IFRS 8 'Operating Segments' the Company
currently has one segment, being 'Investing in the TMT sector'. No
further operating segment financial information is therefore
disclosed
2.2 Foreign currency translation
(a) Functional and presentation currency
Items included in the financial statements of the Company are
measured in United States Dollars ('US dollars', 'USD' or 'US$'),
which is the Company's functional and presentation currency.
(b) Transactions and balances
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Foreign currency transactions are translated into US$ using the
exchange rates prevailing at the dates of the transactions.
Exchange differences arising from the translation at the year-end
exchange rates of monetary assets and liabilities denominated in
foreign currencies are recognised in the statement of comprehensive
income.
Conversation rates, USD
---------------------------------------------------
Currency Average
rate,
for six
months
ended
At 30.06.2015 30/06/2015
----------------- -------------- ------------
British pounds,
GBP 1.5732 1.5246
Euro, EUR 1.1223 1.1142
--------------------- -------------- ------------
3 Gain (losses) on investments
For six months ended 30/06/2015 For six months
ended 30/06/2014
USD USD
Gross interest income from convertible notes receivable 44,861 37,473
Amortized costs of convertible notes receivable (3,507) (6,957)
Net interest income from convertible notes receivable 41,354 30,516
Profit on disposal of equity investments - -
Profit on disposal of convertible notes - (230,727)
Impairment of available-for-sale assets - -
Impairment of interest accrued - (360,755)
--------------------------------------------------------- -------------------------------- ------------------
Total gain (losses) on investments 41,354 (560,966)
--------------------------------------------------------- -------------------------------- ------------------
4 Segmental analysis
Geographic information
The Company has investments in six principal geographical areas
- USA, Israel, BVI, Estonia, Cyprus and Russia.
Non-current financial assets
As at 31/12/2014
USA Israel BVI Cyprus Estonia Russia Total
USD USD USD USD USD USD USD
-------------------- ----------- ---------- -------- ---------- -------- ------- -----------
Equity investments 25,490,710 3,806,652 305,050 1,863,685 328,958 59,096 31,854,151
Convertible
notes 2,954,852 - - - 136,850 - 3,091,702
-------------------- ----------- ---------- -------- ---------- -------- ------- -----------
Total 28,445,562 3,806,652 305,050 1,863,685 465,808 59,096 34,945,853
-------------------- ----------- ---------- -------- ---------- -------- ------- -----------
As at 30/06/2015
USA Israel BVI Cyprus Estonia Russia Total
USD USD USD USD USD USD USD
-------------------- ----------- ---------- -------- ---------- -------- ------- -----------
Equity investments 31,346,392 4,135,610 305,050 1,863,685 173,254 59,096 37,883,087
Convertible
notes 2,078,398 - - - - - 2,078,398
-------------------- ----------- ---------- -------- ---------- -------- ------- -----------
Total 33,424,790 4,135,610 305,050 1,863,685 173,254 59,096 39,961,485
-------------------- ----------- ---------- -------- ---------- -------- ------- -----------
5 Administrative expenses
Administrative expenses include the following amounts:
For six months ended 30/06/2015 For six months ended
30/06/2014
USD USD
------------------------------- -------------------------------- ---------------------
Staff expenses (note 6) 297,790 362,171
Professional fees 65,986 90,335
Legal fees 16,220 10,811
Bank and LSE charges 8,086 13,015
Audit and accounting fees 8,083 16,284
Rent 49,384 86,304
Other expenses 37,048 72,083
Currency exchange loss/(gain) 1,516 1,284
------------------------------- -------------------------------- ---------------------
484,113 652,287
------------------------------- -------------------------------- ---------------------
6 Staff expenses
For six months ended 30/06/2015 For six months ended 30/06/2014
USD USD
-------------------- -------------------------------- --------------------------------
Directors' fees 99,550 140,171
Wages and salaries 198,240 222,000
297,790 362,171
-------------------- -------------------------------- --------------------------------
Wages and salaries shown above include salaries and bonuses
relating to the six months ended 30 June 2015. These costs are
included in administrative expenses. In addition to the above,
there are employment expenses for share-based payments of US$27,349
(for the six months ended 30 June 2014: $94,848).
The average number of staff employed (excluding Directors) by
the Company during the six months ended 30 June 2015 was 5 (for the
year ended 31 December 2014: 5).
The Directors' fees for the six months ended 30 June 2015 and
2014 were as follows:
For six months ended 30/06/2015 For six months ended
30/06/2014
USD USD
---------------------- -------------------------------- ---------------------
Alexander Selegenev 54,265 59,413
Yuri Mostovoy 25,000 50,000
James Joseph Mullins 15,285 16,739
Petr Lanin 5,000 14,019
---------------------- -------------------------------- ---------------------
99,550 140,171
---------------------- -------------------------------- ---------------------
The Directors' fees shown above are all classified as 'short
term employment benefits' under International Accounting Standard
24. The Directors do not receive any pension contributions or other
benefits.
Key management personnel of the Company are defined as those
persons having authority and responsibility for the planning,
directing and controlling the activities of the Company, directly
or indirectly. Key management of the Company are therefore
considered to be the Directors of the Company. There were no
transactions with the key management, other than their Directors
fees and share options.
7 Net finance income
For six months ended 30/06/2015 For six months ended 30/06/2014
USD USD
-------------------------- -------------------------------- --------------------------------
Interest on bank account - 115
Interest income 5,085 6,872
5,085 6,987
-------------------------- -------------------------------- --------------------------------
8 Income tax expense
For six months ended For six months ended 30/06/2014
30/06/2015
USD USD
---------------------- --------------------- --------------------------------
Current taxes
Current year - -
---------------------- --------------------- --------------------------------
Deferred taxes
Deferred income taxes - -
---------------------- --------------------- --------------------------------
- -
---------------------- --------------------- --------------------------------
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The Company is incorporated in Jersey. No tax reconciliation
note has been presented as the income tax rate for Jersey companies
is 0%.
9 Loss per share
The calculation of basic loss per share is based upon the net
loss for the six months ended 30 June 2015 attributable to the
ordinary shareholders of US$465,023 (for the six months ended 30
June 2014: net loss of US$1,301,114) and the weighted average
number of ordinary shares outstanding calculated as follows:
Loss per share For the six months ended 30/06/2015 For the six months
ended 30/06/2014
--------------------------------------------------- ------------------------------------ -------------------
Basic loss per share (cents per share) (1.68) (5.20)
Loss attributable to equity holders of the entity (465,023) (1,301,114)
--------------------------------------------------- ------------------------------------ -------------------
The weighted average number of ordinary shares outstanding
before and after adjustment for the effects of all dilutive
potential ordinary shares calculated as follows:
(in number of shares weighted during For the six months ended 30/06/2015 For the six months ended 30/06/2014
the year outstanding)
---------------------------------------- ------------------------------------ ------------------------------------
Weighted average number of shares in
issue
Ordinary shares 27,744,962 25,004,432
27,744,962 25,004,432
---------------------------------------- ------------------------------------ ------------------------------------
Effect of dilutive potential ordinary
shares
Share options 361,221 912,444
---------------------------------------- ------------------------------------ ------------------------------------
Weighted average of shares for the year
(fully diluted) 28,106,183 25,916,876
---------------------------------------- ------------------------------------ ------------------------------------
The diluted loss per share for both 2015 and 2014 is kept the
same as the basic loss per share because the conversion of the
share options decreases the basic loss per share and is therefore
anti-dilutive.
10 Non-current financial assets
At 30 June 2015 At 31 December 2014
Available-for-sale financial assets, USD:
Investments in equity shares (i)
- unlisted shares 37,883,237 31,854,151
Convertible notes receivable (ii)
- promissory notes 2,078,398 3,091,702
------------------------------------------- ---------------- --------------------
39,961,635 34,945,853
------------------------------------------- ---------------- --------------------
Reconciliation of fair value measurements of non-current
financial assets:
Available-for-sale Total
----------------------------------------------- ---------------------------------- -----------
Unlisted Convertible
shares notes
USD USD USD
----------------------------------------------- ---------------- ---------------- -----------
Balance as at 1 January 2014 26,932,335 2,193,304 29,125,639
------------------------------------------------ ---------------- ---------------- -----------
Total gains or losses in 2014:
- in profit or loss - impairment (451,482) - (451,482)
- in other comprehensive income 2,171,251 - 2,171,251
Purchases (including consulting & legal fees) 3,074,752 1,295,860 4,370,612
Disposal of investment (carrying value) (258,352) (14,036) (272,388)
Conversion of notes to equity and net gain 385,647 (383,426) 2,221
------------------------------------------------ ---------------- ---------------- -----------
Balance as at 31 December 2014 31,854,151 3,091,702 34,945,853
------------------------------------------------ ---------------- ---------------- -----------
Total gains or losses in 2014:
- in profit or loss - impairment - - -
- in other comprehensive income 4,645,549 - 4,645,549
Purchases (including consulting & legal fees) - 305,000 305,000
Disposal of investment (carrying value) - (3,507) (3,507)
Conversion and other movements 1,383,537 (1,314,797) 68,740
------------------------------------------------ ---------------- ---------------- -----------
Balance as at 30 June 2015 37,883,237 2,078,398 39,961,635
------------------------------------------------ ---------------- ---------------- -----------
Available-for-sale investments are carried at fair values. Where
financial assets do not have a quoted market price in an active
market and their fair values cannot be reliably measured they are
measured at cost less any identified impairment losses at the end
of reporting period, in accordance with IAS 39 para 46 (c)
exemption.
Where there has been a relevant transaction during the year that
gives an indication of the fair value of the unlisted shares, the
shares are included at that fair value and the increase or decrease
in fair value is recognised in the fair value reserve. The "price
of recent investment" methodology is used mainly for investments in
venture capital companies and includes cost of investment or
valuation by reference to a subsequent financing round. Valuation
increases above cost are only recognised if that round involved a
new external investor and the company is meeting milestones set by
investor.
(i) Equity investments as at 30 June 2015:
Investee Date Value Additions Capitalized Gain/loss Impairments Internal Value Equity
company of at to consulting from and movements, at stake
initial 1 Jan equity and changes Disposals, USD 30 owned
investment 2015, investments legal in USD Jun
USD during fees, fair 2015,
the USD value USD
period, of
USD equity
investments,
USD
--------------- ------------ ----------- ------------ ------------ ------------- ------------ ----------- ----------- -------
Unicell 15/09/2011 2,982,471 - - - - - 2,982,471 10.00%
DepositPhotos 26/07/2011 4,997,285 - - - - - 4,997,285 27.75%
RollApp 19/08/2011 600,000 - - - - - 600,000 10.00%
Wanelo 21/11/2011 5,369,400 - - - - - 5,369,400 4.73%
Gild 05/12/2011 549,345 - - - - - 549,345 1.04%
ThusFresh 26/03/2012 379,355 - - - - - 379,355 3.53%
Backblaze 24/07/2012 6,225,917 - - - - - 6,225,917 16.45%
UM Liquidating
Trust 15/07/2014 29,273 - - - - - 29,273 5.89%
Gentoo
LABS 17/09/2012 260,000 - - - - - 260,000 6.25%
Favim
Holding 24/10/2012 305,050 - - - - - 305,050 20.00%
Appsindep 12/11/2012 1,863,685 - - - - - 1,863,685 19.24%
Virool 29/08/2012 502,275 - - - - - 502,275 1.69%
Adinch 19/02/2013 2,400,001 - - - - - 2,400,001 22.43%
Tracks
Media 24/11/2011 341,350 - - 456,179 - - 797,529 6.83%
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Wrike 12/06/2012 1,991,150 - - 2,312,428 - - 4,303,578 3.68%
Graphicly 03/04/2013 140,000 - - - - - 140,000 -
Oriense 27/01/2014 59,095 - - - - - 59,095 5.45%
E2C 15/02/2014 136,781 - - - - - 136,781 5.51%
Drippler 01/05/2014 302,400 - - - - - 302,400 1.44%
Weaved 13/06/2014 255,000 - - - - - 255,000 2.44%
Le Tote 21/07/2014 450,360 - - - - - 450,360 1.62%
Anews 25/08/2014 1,000,000 - - - - - 1,000,000 9.41%
Twtrland 01/09/2014 155,000 - - - - - 155,000 3.27%
Drupe
Mobile 02/09/2014 230,000 - - - - - 230,000 9.37%
Taxify 15/09/2014 328,958 - - - - - 328,958 2.80%
Pipedrive 30/07/2012 - - - 1,785,512 - 808,205 2,593,717 5.71%
QuoteRoller 11/07/2014 - - - 83,596 - 409,912 493,508 2.70%
VitalFields 20/12/2013 - - - 7,834 - 165,420 173,254 2.23%
Total 31,854,151 - - 4,645,549 - 1,383,537 37,883,237
----------------------------- ----------- ------------ ------------ ------------- ------------ ----------- ----------- -------
(ii) Convertible loan notes as at 30 June 2015:
Investee Date of Value at Additions Capitalized Amortized Internal Profit on Disposals, Value at Term, Interest
company initial 1 Jan to consulting costs, movements, disposal/ USD 30 Jun years rate, %
investment 2015, convertible and legal USD USD Impairment 2015, USD
USD note fees, USD charge,
investments USD
during the
period, USD
------------- ------------ ---------- ------------ ------------ ---------- ------------ ----------- ----------- ---------- ------ ---------
Ninua 08/06/2011 500,000 - - - - - - 500,000 1.5 5.00%
Pipedrive 30/07/2012 775,352 - - (172) (775,180) - - - - -
Sharethis 26/03/2013 571,323 - - (198) - - - 571,125 5.0 1.09%
KitApps 10/07/2013 400,339 - - (145) - - - 400,194 1.0 2.00%
VitalFields 20/12/2013 136,850 - - - (136,850) - - - - -
Gentoo LABS 21/05/2014 100,475 - - (170) - - - 100,305 2.0 0.28%
Whale Path 02/06/2014 203,548 - - (1,240) - - - 202,308 2.0 5.00%
Quote Roller 11/07/2014 403,815 - - (1,048) (402,767) - - - - -
ScentBird 13/04/2015 - 300,000 5,000 (534) - - - 304,466 1.0 4.00%
------------ ------------
Total 3,091,702 300,000 5,000 (3,507) (1,314,797) - - 2,078,398
--------------------------- ---------- ------------ ------------ ---------- ------------ ----------- ----------- ---------- ------ ---------
11 Trade and other receivables
At 30 June 2015 At 31 December 2014
USD USD
----------------------------------------- ---------------- --------------------
Prepayments 9,016 6,438
Interest receivable on promissory notes 128,648 152,528
Interest receivable on deposits 818 818
138,482 159,784
----------------------------------------- ---------------- --------------------
12 Cash and cash equivalents
The cash and cash equivalents as at 30 June 2015 include cash on
hand and in banks, deposits, net of outstanding bank overdrafts.
The effective interest rate at 30 June 2015 was 0.7%.
Cash and cash equivalents comprise the following:
At June 2015 At December 2014
USD USD
--------------- ------------- -----------------
Deposits 1,000,000 1,000,000
Bank balances 840,364 1,639,070
--------------- ------------- -----------------
1,840,364 2,639,070
--------------- ------------- -----------------
The following table represents an analysis of cash and
equivalents by rating agency designation based on Fitch rating or
their equivalent:
At 30 June 2015 At 31 December 2014
USD USD
--------------- ---------------- --------------------
Bank balances
BBB+ rating 840,364 1,639,070
--------------- ---------------- --------------------
840,364 1,639,070
--------------- ---------------- --------------------
Deposits
BBB- rating 1,000,000 1,000,000
--------------- ---------------- --------------------
1,000,000 1,000,000
--------------- ---------------- --------------------
1,840,364 2,639,070
-------------------------------- --------------------
13 Trade and other payables
At 30 June 2015 At 31 December 2014
USD USD
--------------------------- ---------------- --------------------
Directors' fees payable 40,630 23,902
Trade payables 6,621 34,874
Other current liabilities 47 623
47,298 59,399
--------------------------- ---------------- --------------------
14 Share capital
On 30 June 2015 the Company had an authorised share capital of
unlimited shares of no par value and had issued share capital
of:
At 30 June 2015 At 31 December 2014
USD USD
--------------------------------- ----------------- --------------------
Share capital 31,453,510 31,453,510
Issued capital comprises: Number Number
Fully paid ordinary shares 27,744,962 27,744,962
--------------------------------- ----------------- --------------------
Number of shares Share capital,
USD
--------------------------------- ----------------- ----------------------
Balance at 31 December 2014 27,744,962 31,453,510
Issue of shares - -
Share buy-back and cancellation - -
Balance at 30 June 2015 27,744,962 31,453,510
--------------------------------- ----------------- ----------------------
15 Share-based payments
For the six months ended 30/06/2015 For the six months
ended 30/06/2014
USD USD
------------------------------------- ------------------------------------ -------------------
Share option (compensation expense) 27,349 94,848
------------------------------------- ------------------------------------ -------------------
Total share-based payment charge 27,349 94,848
------------------------------------- ------------------------------------ -------------------
On 24 October 2012, Board of Directors approved a share option
plan (the "Plan") for directors, officers, employees of or
consultants to the Company and/or any company directly or
indirectly controlled by the Company.
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