TMT Investments PLC Revaluation of investment in Depositphotos (2722L)
January 08 2016 - 4:32AM
UK Regulatory
TIDMTMT
RNS Number : 2722L
TMT Investments PLC
08 January 2016
8 January 2016
TMT INVESTMENTS PLC
("TMT" or the "Company")
Revaluation of investment in Depositphotos, Inc.
TMT Investments PLC, which invests in high-growth internet-based
companies across a variety of sectors, is pleased to announce that
its portfolio company Depositphotos, Inc. ("Depositphotos") has
completed a US$5 million equity financing round, led by the venture
capital arm of the European Bank for Reconstruction and Development
("EBRD"). As part of the transaction, TMT invested an additional
US$1 million in Depositphotos.
The transaction represents an approximately US$8.12 million (or
163%) uplift in the fair value of TMT's investment in
Depositphotos, compared to the latest announced amount as of 30
June 2015, and is equivalent to 29 cents in additional net asset
value per TMT share.
Alexander Selegenev, Executive Director of TMT, commented: "We
are delighted with the significant positive revaluation of our
portfolio company. With the growth rates Depositphotos has
experienced since our original investment in 2011, it was just a
matter of time before that success would be reflected in the
valuation. The US$8.12 million uplift in the fair value of our
investment in Depositphotos is equivalent to approximately 29 cents
in additional net asset value per TMT share. This revaluation alone
represents an approximately 19% increase in TMT's latest announced
NAV per share of US$1.51 as of 30 June 2015."
This transaction was the second of the expected revaluations
announced by the Company on 30 November 2015.
About Depositphotos
Founded in 2009, Depositphotos is one of the fastest-growing
stock photo marketplaces in the world. Headquartered in New York,
the company serves customers from 192 countries, providing 24/7
support in 20 languages. Depositphotos has a library of over 40
million premium high-quality stock photos, illustrations, vector
images and video files. Its 3 million members worldwide use
Depositphotos on a regular basis to search and license desired
creative content.
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
Richard Morrison/Irina
Lomova +44 20 7060 2220
Hybridan LLP
Broker
Claire Louise Noyce +44 20 3764 2341
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
END
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