REG - TMT Investments - Receipt of $22.3 million in respect of disposal

TMT InvestmentsAnnouncement

11/01/2019 07:05

RNS Number : 8132M
TMT Investments PLC
11 January 2019
 


11 January 2019
 
TMT INVESTMENTS PLC
("TMT" or the "Company")
 
Receipt of US$22.3 million in respect of the disposal of TMT's interest in Wrike
 
TMT Investments PLC (AIM: TMT.L), the venture capital company investing in high-growth technology companies, is pleased to announce that, further to its announcement of 2 January 2019 regarding the disposal of its entire holding in Wrike, Inc. ("Wrike") (the "Disposal"), the Company confirms receipt of the initial net consideration of US$22.3 million, with the deferred consideration of up to US$0.3 million payable, subject to certain adjustments, over a period of 18 months.  The Company confirms that after certain completion adjustments to the overall consideration, the net aggregate cash consideration due to the Company has been reduced by US$0.3 million to US$22.6 million.
 
The Disposal represents a substantial uplift in the valuation of TMT's investment in Wrike and following receipt of US$22.3 million, the Company's cash position has now increased significantly to over US$25.0 million and the Company will continue to seek to identify and invest in opportunities within the technology sector to create significant shareholder value.
 
This announcement is inside information for the purposes of Article 7 of EU Regulation 596/2014.
 
For further information contact:
 



TMT Investments PLC
Alexander Selegenev
Executive Director
www.tmtinvestments.com
 


+44 (0)1534 281 800
(Computershare - Company Secretary)
 
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 20 3764 2341




Kinlan Communications
David Hothersall
 


+44 20 7638 3435
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$82 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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