TMT Investments PLC Moscow office (2202B)
March 31 2017 - 9:22AM
UK Regulatory
TIDMTMT
RNS Number : 2202B
TMT Investments PLC
31 March 2017
31 March 2017
TMT INVESTMENTS PLC
("TMT" or the "Company")
Moscow office
Since May 2012, TMT's Moscow-based staff have been based in an
office that belongs to a cooperative ("Orgtekhnika") of which TMT's
senior managers Alexander Morgulchik and German Kaplun are members.
German Kaplun also owns 19.28% of the issued share capital of TMT.
The office has been provided rent free since 1 February 2016.
TMT has now entered into an agreement to resume paying rent and
related services to Orgtekhnika from 1 April 2017, with rent at the
rate of US$371 per sq meter per year (inclusive of taxes) of space
utilised. The board believes this represents a discount from the
prevailing market rate for similar office space in Moscow. Together
with other related expenses (support personnel, legal support,
company car, security services, etc.), the total costs to TMT will
amount to US$7,883 per month (US$94,597 per year). Payments have
been deferred until 31 December 2019. There are currently 5 staff
involved working substantially full time on TMT's business.
German Kaplun and Alexander Morgulchik (respectively Heads of
Strategy and Business Development) are, or have in the past twelve
months been, substantial shareholders in TMT and Orgtekhnika is
accordingly deemed to be a related party. In accordance with the
AIM Rules, the directors of the Company, all of whom are
independent for the purposes of this transaction, having consulted
with the Company's nominated adviser, ZAI Corporate Finance
Limited, consider that the terms of the transaction are fair and
reasonable insofar as the Company's shareholders are concerned.
Background:
As announced by the Company on 1 October 2012, TMT originally
started paying rent to Orgtekhnika from 1 October 2012. Rent was
being paid to Orgtekhnika at the rate of US$700 per sq meter per
year of space utilised. That represented a discount from the
prevailing market rate for similar office space in Moscow at the
time. Together with other related expenses (support personnel,
company car, security services, etc.), the total costs to TMT were
US$14,384 per month (US$172,608 per year). Following the subsequent
negative developments in the Russian economy and Moscow office
rental market in particular, starting from 1 February 2015 these
office costs were reduced to US$7,000 per month and, as reported in
the Company's 2015 annual report, from 1 February 2016 temporarily
reduced to zero.
For further information contact:
TMT Investments plc +44 1534 281 843
Alexander Selegenev alexander.selegenev@tmtinvestments.com
Executive Director
www.tmtinvestments.com
ZAI Corporate Finance
Ltd.
NOMAD
Peter Trevelyan-Clark/Jamie
Spotswood +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 Plc
TMT Investments PLC invests in high-growth technology companies
across a number of core specialist sectors and has a significant
number of Silicon Valley investments in its portfolio. Founded in
2010, TMT has net assets of US$53m and has invested in over 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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