TMT Investments PLC Portfolio Update (1372O)
28 Mayo 2020 - 1:00AM
UK Regulatory
TIDMTMT
RNS Number : 1372O
TMT Investments PLC
28 May 2020
28 May 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 2019 Annual Results on 16
April 2020.
Bolt
TMT's portfolio company Bolt (formerly known as Taxify), a
leading international ride-hailing and transportation company (
www.bolt.eu ), announced, on 26 May 2020, that it had successfully
raised EUR100 million (US$110 million) in the form of a convertible
note from Naya Capital Management (the "CLN Issue"). The
convertible note features a conversion cap of EUR1.7 billion
(c.US$1.87 billion), which TMT notes is significantly higher than
Bolt's equity valuation following completion of its last funding
round in June 2019. TMT also notes that the conversion cap does not
imply a new firm equity valuation level and hence TMT has not
adjusted the fair value of TMT's interest in Bolt.
The proceeds of the CLN Issue will be used to finance Bolt's
growth and to take advantage of the recovering demand for
transportation, which Bolt is seeing in its network, operating in
more than 150 cities across Europe and Africa, with more than 30
million users globally. According to Bolt, its revenue is now
recovering rapidly from its lowest point almost two months ago,
resulting from the global Covid-19 pandemic.
Bolt believes there is a good opportunity to emerge even
stronger in Europe and in Africa over the next 12 months, and this
funding will enable it to support such growth.
Since April 2020, Bolt has expedited the opening of new services
such as food delivery, which now covers 12 countries, and a new
courier service.
General Portfolio Update
TMT has a highly diversified portfolio of over 30 companies
focused mainly around big data/cloud, e-commerce, marketplaces and
SaaS (software-as-a-service) solutions.
We are pleased to note that our five core holdings (Bolt,
Backblaze, Depositphotos, Pipedrive and Scentbird) have performed
well during the COVID-19 pandemic to date. These are
well-established, more mature businesses, with globally diversified
revenues, strong cash reserves and tens of thousands of customers,
and account for approximately 75% of the Company's NAV. As a result
of the COVID-19 pandemic, Bolt naturally suffered a fall in user
rides at various periods in different cities across its global
network, though user ride numbers are now recovering, as noted
above.
A number of companies in our portfolio have experienced very
strong growth as a result of significant increases in home working
and larger numbers of citizens staying at home globally, and have
attracted investment at higher conversion caps via convertible
notes in recent weeks. At the same time, a small number of
companies that are more exposed to physical interaction, are
naturally experiencing some challenges and are adapting their
business models as a result.
Alexander Selegenev, Executive Director of TMT Investments,
commented :
"It is pleasing to see that, despite volatile market conditions,
Bolt has successfully raised EUR100 million to finance further
expansion, underlining its position as one of the most competitive
and innovative players in global mobility. In parallel, investors
are increasing their attention to companies with business offerings
that are generating strong revenue growth as a result of societal
changes resulting from Covid-19. A number of other companies in our
portfolio have benefited from this increase in investor interest
and have taken advantage to raise capital for further expansion at
higher conversion caps via convertible notes in recent weeks".
"We continue to seek to identify attractive investment
opportunities and will keep the market updated of any developments
in this regard."
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 +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 55 companies to date and has net
assets of US$102m as of 31 December 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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