TMT Investments PLC Partial disposal and revaluation of Depositphotos (2853T)
March 29 2016 - 2:01AM
UK Regulatory
TIDMTMT
RNS Number : 2853T
TMT Investments PLC
29 March 2016
29 March 2016
TMT INVESTMENTS PLC
("TMT" or the "Company")
Partial disposal and 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
it has sold a sizable part of its holding in Depositphotos, Inc.
("Depositphotos") for US$5.85 million to a private European
investor.
TMT's net cash consideration received pursuant to the
transaction is US$5.83 million. The Company's remaining fully
diluted equity stake in Depositphotos is approximately 16.7%. The
Company will use the proceeds of the sale to pursue its investment
strategy.
The transaction represents an approximately 5.5 times increase
in the valuation of TMT's holding in Depositphotos since TMT's
original investment in 2011 and 2012, and an approximately US$2.55
million (or 18%) uplift in the fair value of TMT's investment in
Depositphotos, compared to the latest reported amount as of 31
December 2015, and is equivalent to 9 cents in additional NAV per
TMT share.
Alexander Selegenev, Executive Director, commented: "The
transaction is further proof of our active asset allocation
strategy at TMT, and the fact that attractive exit opportunities
are available for quality, fast-growing companies in the
Internet/Tech sector. Given the attractive revaluation of the
investment achieved to date and our expectations for continuing
growth in the future, TMT has kept a significant stake in
Depositphotos. Depositphotos has an ambitious and highly motivated
team that is executing an active geographic and product expansion
strategy in the fast-growing stock photo and video market."
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
Alexander Selegenev alexander.selegenev@tmtinvestments.com
www.tmtinvestments.com
ZAI Corporate Finance
Ltd.
NOMAD
Richard Morrison/ Peter
Trevelyan-Clark/ 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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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