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TMT InvestmentsAnnouncement

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RNS Number : 0135N  TMT Investments PLC  16 June 2025

16 June 2025

 

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 its 2024
Annual Report on 25 March 2025.

 

Positive revaluations and cash disposals

 

·    On 12 June 2025, Scale AI, Inc., the humanity-first AI company
(https://scale.com (https://scale.com) ), announced a significant new
investment from Meta Platforms, Inc. (Nasdaq: META) that values Scale at over
US$29 billion.  The transaction represents a revaluation uplift of 138%
(US$0.7 million) in the fair value of TMT's holding in Scale, compared to the
previous reported amount as of 31 December 2024. As part of the transaction,
TMT also expects to receive a US$0.6 million cash dividend.  This positive
revaluation of 2.38 times in only 8 months represents another example of how
notable returns can be generated from risky, but carefully selected, AI
opportunities.

 

·    TMT disposed of a small part of its shares in global mobility company
Bolt Technology OÜ (https://bolt.eu (https://bolt.eu) ) for a total net cash
consideration of US$0.8 million. The transaction represents a 3% premium to
the Euro-denominated price per Bolt's share and a revaluation uplift of US$9.7
million (at the 1.15 Euro/USD exchange rate) in the fair value of TMT's
position in Bolt, compared to 31 December 2024.

 

 

Negative revaluations

 

·    In line with the continuing volatility in public markets, the share
price of NASDAQ-traded Backblaze Inc. has been quite volatile. Based on the
closing mid-market price of US$5.04 per share on 13 June 2025 (and adjusted
for the US$0.4 million net partial disposal proceeds received by TMT in 2025
to date), Backblaze's current share price represents a reduction of US$2.9
million in the fair value of TMT's investment in Backblaze, compared to the
previous reported amount as of 31 December 2024.

 

Alexander Selegenev, Executive Director of TMT, commented:

 

"The current fair value of TMT's investment in Bolt has now been further
verified by a partial cash sale transaction with an independent buyer. At the
1.15 Euro/USD exchange rate, the US$76.5 million value of TMT's position in
Bolt alone was US$4.5 million greater than TMT's entire market capitalisation
as of 13 June 2025. This effectively means that TMT's portfolio of around 50
other investments is assigned negative value. This situation should present
smart investors with a rare investment opportunity.

 

The majority of TMT's portfolio companies, including its largest holdings,
continue to demonstrate good business progress. We look forward to keeping
shareholders updated on relevant developments in due course."

 

 

For further information contact:

 

 TMT Investments Plc                                      +44 370 707 4040

 Alexander Selegenev                                      (Computershare - Company Secretary)

 Executive Director                                       alexander.selegenev@tmtinvestments.com

                                                        (mailto:alexander.selegenev@tmtinvestments.com)
 www.tmtinvestments.com (http://www.tmtinvestments.com)

 Strand Hanson Limited                                    +44 (0)20 7409 3494

 (Nominated Adviser)

 James Bellman / James Dance

 Cavendish Capital Markets Limited                        +44 (0)20 7220 0500

 (Joint Broker)

 Ben Jeynes / George Lawson / Charlie Combe

 Hybridan LLP                                             +44 (0)20 3764 2341

 (Joint Broker)

 Claire Louise Noyce

 Kinlan Communications                                    +44 (0)20 7638 3435

 David Hothersall                                         davidh@kinlan.net (mailto:davidh@kinlan.net)

 

About TMT Investments Plc

 

TMT Investments Plc invests in high-growth technology companies globally
across a number of core specialist sectors.  Founded in 2010, TMT has a
current investment portfolio of over 50 companies and net assets of US$206
million as of 31 December 2024.  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 (http://www.tmtinvestments.com) .

 

Twitter (https://twitter.com/TMT_PLC)

 

LinkedIn (http://www.linkedin.com/company/tmt-investments-plc)

 

Facebook (https://www.facebook.com/TmtInvestmentsPlc/)

 

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