TMT Investments PLC Portfolio Update (2341A)
January 20 2020 - 2:00AM
UK Regulatory
TIDMTMT
RNS Number : 2341A
TMT Investments PLC
20 January 2020
20 January 2020
TMT INVESTMENTS PLC
("TMT" or the "Company")
Portfolio update
TMT Investments PLC (AIM: TMT.L), the venture capital company
investing in high-growth technology companies, is pleased to
announce the following developments in the Company's portfolio
since the publication of the Company's interim results on 17
September 2019.
Positive revaluations
-- Le Tote. In November 2019, online fashion rental startup Le
Tote acquired Lord & Taylor, the US's oldest department store.
The transaction resulted in an increase of approximately US$0.75
million in the value of TMT's interest in Le Tote.
-- Remote.it. Platform as a Service (PaaS) provider of
enterprise-class networking services Remote.it has recently
completed an equity financing round. The transaction resulted in an
increase of approximately US$2.2 million in the value of TMT's
interest in Remote.it.
Negative revaluations
-- Sixa. Full impairment of US$0.9 million.
-- Drupe. Full impairment of US$0.6 million.
The combined effect of these revaluations represents
approximately 5 cents of additional NAV per TMT share (before
adjustments for the Company's ongoing operating expenses, bonus
provisions, potential future revaluations, and similar items). The
NAV per share announced in the Company's 2019 Interim Results was
US$3.46 (after the payment of a special dividend of 20 cents per
share in July 2019).
New investments
-- US$1.0 million in Affise Technologies Ltd, a performance
marketing SaaS solution for the affiliate industry
(https://affise.com/en/);
-- US$0.65 million in Ad Intelligence Inc., trading as
RetargetApp, an online solution aimed at monitoring ad campaigns
and automatically managing daily budgets, audience and bids to
improve the quality of retargeting (https://retargetapp.com);
and
-- US$0.22 million in Timbeter OÜ, a cloud-based mobile software
solution for round wood measurement, timber inventory management
and reporting (https://timbeter.com).
Other developments
In addition, TMT's largest portfolio holding, ride-hailing and
transportation platform Bolt (https://bolt.eu/en/) has recently
entered into a EUR50 million quasi-equity facility agreement with
the European Investment Bank (EIB), the European Union's long-term
lending institution. Bolt now operates in over 150 cities worldwide
(compared to over 90 cities as of 30 June 2019) and the new funds
will be used to continue Bolt's expansion.
The Company intends to publish its 2019 Annual Report the week
commencing 30 March 2020.
Alexander Selegenev, Executive Director of TMT Investments PLC,
said:
"Most of our existing portfolio companies, including our most
substantial holdings in Bolt and Backblaze, continue to rapidly
expand their businesses.
"The venture capital community has recently become more focused
on start-ups' ability to achieve underlying profitability or at
least to control the cost of their growth. The 'growth at any cost'
mentality that often prevailed among start-ups and venture capital
investors, is gradually being replaced with a more pragmatic
approach of seeking to achieve more cost-efficient growth. As this
balanced approach has always been one of TMT's key selection
criteria, we are pleased to see that the majority of our portfolio
companies are seeing the fruits of having adopted this approach
early on, and which now allows them to maintain high growth rates
whilst at the same time efficiently control their burn rates and
cash liquidity levels.
"We expect a number of further positive revaluations across our
portfolio in 2020 and will update shareholders on relevant
developments as appropriate. With a continued strong cash balance,
we continue to apply our highly selective criteria to identify new
promising investment opportunities."
For further information contact:
TMT Investments PLC +44 (0)1534 281 800
Alexander Selegenev (Computershare - Company Secretary)
Executive Director
www.tmtinvestments.com alexander.selegenev@tmtinvestments.com
Strand Hanson Limited
(Nominated Adviser)
Richard Tulloch / James Bellman +44 (0)20 7409 3494
Hybridan LLP
(Broker)
Claire Louise Noyce +44 (0)20 3764 2341
Kinlan Communications +44 (0)20 7638 3435
David Hothersall davidh@kinlan.net
This announcement is inside information for the purposes of
Article 7 of EU Regulation 596/2014.
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 invested in over 50 companies to date and has net
assets of US$107m as of 30 June 2019. 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.
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END
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