TMT Investments PLC Bonus Plan (6517H)

TIDMTMT

RNS Number : 6517H

TMT Investments PLC

02 December 2015

2 December 2015

TMT INVESTMENTS PLC

("TMT" or the "Company")

Approval of a 3-year Bonus Plan

The Board of TMT announces that, following the expiration of the Company's 2012 Share Option Plan in October 2015, the Company has approved a 3-year non-discretionary bonus plan ("Bonus Plan") for directors, officers, employees of, or consultants to, the Company ("Team").

Under the Bonus Plan, subject to achieving minimum hurdle rate and high watermark conditions in respect of the Company's NAV, the Team will receive annual cash bonuses ("Bonus") equal to 7.5% of the net increases in the Company's NAV, adjusted for any changes in the Company's equity capital resulting from issuance of new shares, share buy-backs or similar transactions (collectively "Relevant Corporate Actions") in each relevant year.

 
                                   Year 1       Year 2    Year 3 
-----------------------------  -------------  ---------  -------- 
 NAV figures used for              30 Jun       30 Jun    30 Jun 
  Bonus calculation purposes        2016         2017       2018 
  (as of)                            vs           vs         vs 
                                   30 Jun       30 Jun     30 Jun 
                                    2015         2016       2017 
 Bonus payment date (on          1 Dec 2016     1 Dec      1 Dec 
  or around)                                     2017       2018 
      Bonus award conditions: 
        *    Hurdle Rate              10% annual increase in 
                                       the Company's NAV per 
                                      share starting from the 
                                     value as of 30 June 2015 
                                    (equates to a 33% increase 
                                       in NAV per share over 
                                       a three year period) 
                                  Bonus pool will be calculated 
        *    High Watermark           as an amount equal to 
                                     7.5% of the net increase 
                                      during a relevant year 
                                       in the Company's NAV 
                                   over and above the previous 
                                      highest NAV as of the 
                                   end of any previous relevant 
                                               year 
-----------------------------  ----------------------------------

The allocation of the Bonus pool among Team members is as follows:

 
 Name                        % of the total 
                               Bonus pool 
--------------------------  --------------- 
 Artyom Inyutin 
  (Employee)                      18% 
--------------------------  --------------- 
 German Kaplun (Employee)         18% 
--------------------------  --------------- 
 Alexander Morgulchik 
  (Employee)                      18% 
--------------------------  --------------- 
 Alexander Selegenev 
  (Director)                      18% 
--------------------------  --------------- 
 Yuri Mostovoy (Director)          8% 
--------------------------  --------------- 
 Alexander Pak (Employee)          6% 
--------------------------  --------------- 
 Levan Kavtaradze 
  (Employee)                       4% 
--------------------------  --------------- 
 To be allocated                  10% 
--------------------------  --------------- 
                     TOTAL        100% 
--------------------------  ---------------

The Company has reserved the right to pay the Bonus in the form of TMT shares rather than in cash. The number of shares receivable in each case will be calculated by dividing the relevant cash Bonus amount by the average price of TMT share in the relevant year.

The Company's Admission Document included a statement that the Company will rely on a small number of key individuals. The Board has determined that the Bonus Plan is in the best interest of the Company in order to ensure key individuals remain with the Company to incentivise them to continue the Company's current and future operations and strategy and maximise the return on investment to its shareholders, and to incentivise and attract new key individuals in the future.

As Alexander Selegenev and Yuri Mostovoy are Directors of the Company, and Artyom Inyutin, German Kaplun and Alexander Morgulchik are Substantial Shareholders of the Company, their inclusion in the Bonus Plan (including terms of the potential issue of TMT shares) represents a related party transaction under the AIM Rules. The Directors, with the exception of Alexander Selegenev and Yuri Mostovoy, consider, having consulted with the Company's Nominated Adviser, ZAI Corporate Finance Ltd., that the terms of the Bonus Plan are fair and reasonable insofar as the Company's shareholders are concerned.

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      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 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

This information is provided by RNS

The company news service from the London Stock Exchange

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