TMT Investments PLC Portfolio Update (8400J)
22 Agosto 2019 - 1:02AM
UK Regulatory
TIDMTMT
RNS Number : 8400J
TMT Investments PLC
22 August 2019
22 August 2019
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.
Backblaze
TMT has entered into an agreement with a third party private
investor to dispose of approximately 9% of its interest in
Backblaze Inc. ("Backblaze"), a leading data backup and cloud
storage company (www.backblaze.com), for a cash consideration of
US$2.0 million.
The partial disposal implies a substantial increase in the value
of TMT's interest in Backblaze to US$23.2 million, being the value
of its remaining interest and the consideration to be received,
representing an increase of approximately US$12.7 million (or
approximately 120%) on the value of the Company's investment in
Backblaze of US$10.5 million as of 31 December 2018. The increase
represents approximately 43 cents of additional NAV per TMT share
(before adjustments for the Company's ongoing operating expenses,
bonus provisions, insignificant revaluations, potential future
impairments, and similar items).
The Company has invested, in aggregate, US$5 million in
Backblaze, in two tranches in July 2012 and July 2013. The Board
believes that the material uplift in the value of the Company's
investment in Backblaze further demonstrates the Company's ability
to identify and invest in early-stage high-growth companies within
the technology sector that have the ability to create significant
shareholder value through capital appreciation. On receipt of the
consideration, the Company will seek to invest the funds in further
opportunities to continue to deliver shareholder value.
Unicell
The Company has disposed of its entire holding in Unicell
Advanced Cellular Solutions Ltd. ("Unicell") for a net cash
consideration of US$0.97 million. The Company's investment in
Unicell was valued at US$0.98 million as of 31 December 2018.
New investments
Since the publication of the Company's 2018 Annual Report, TMT
has also made the following new investments:
-- US$350,000 in Cheetah X, Inc., the developer of the electric
scooter sharing platform Go-X (www.goxapp.com). Go-X is already
operating in San Francisco, San Diego, Houston and Yuma,
Arizona;
-- US$1.5 million in Scalarr, Inc., a machine learning-based
fraud detection solution focused on the advertising market
(www.scalarr.io); and
-- US$1.0 million in Accern Corporation, an AI-based data design
company that helps automate research and data analysis processes
within organisations (www.accern.com). Accern's clients include
IBM, MetLIfe, Credit Suisse and Moody's, as well as other Fortune
500 companies.
The Company intends to announce its interim 2019 results the
week commencing 16 September 2019.
Alexander Selegenev, Executive Director of TMT Investments PLC,
said: "TMT was one of the first institutional external investors in
Backblaze in 2012 and it is pleasing to see the value of our
investment has increased by approximately 4.6 times, further
demonstrating our ability to identify and invest in early stage
companies with the ability to create significant shareholder
value.
TMT is continuing to actively invest the proceeds from its
US$22.6m exit from Wrike, Inc. TMT's three most recent investments
are in sectors that are experiencing strong growth and in companies
that fit our investment criteria of being led by motivated
management, exhibiting high growth potential, already generating
revenue and with viable exit opportunities."
This announcement is inside information for the purposes of
Article 7 of EU Regulation 596/2014.
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 Dance
/ Eric Allan +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
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 45 companies to date and has latest
announced net assets of US$90 million. 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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