TMT INVESTMENTS PLC
(“TMT” or the “Company”)

Results for the year ended 31 December 2019 and Notice of AGM

TMT Investments Plc (AIM: TMT), the venture capital company investing in high-growth technology companies, is pleased to announce its final results for the year ended 31 December 2019.

Highlights:

• NAV per share of US$3.52 (up 13.9% from US$3.09 as of 31 December 2018, or 20.4% if the dividend is included)

• Total NAV of US$102.8 million (up from US$90.3 million as at 31 December 2018)

• US$3.5 million of net cash proceeds from full and partial exits during 2019 • US$8.6 million of new investments across 10 companies in 2019

• US$5.8 million (US$0.20 per ordinary share) special dividend paid to shareholders in July 2019

• Diversified portfolio of over 30 companies focused mainly around big data/cloud, e-commerce, marketplaces and SaaS (software-as-a-service) solutions

• Covid-19’s short-term effect on portfolio companies is mixed, with future performance dependent on how the situation unfolds in coming months

• Expectations of both positive and negative revaluations in 2020

• Proposed changes to the Company’s Investing Policy, primarily to enable investment in other funds, as further detailed below

• US$10.2 million in cash reserves as at 15 April 2020

Alexander Selegenev, Executive Director of TMT, commented: “2019 was another successful year for the Company, with several sizeable positive revaluations across our portfolio. The Company’s net asset value benefited from various revaluations during the year including the 120% increase in the value of our investment in Backblaze, the global data backup and cloud storage company. These revaluations more than offset the smaller write-downs that we accounted for in order to maintain our portfolio free from poorly performing investments.”

“Our top five portfolio companies (Bolt, Backblaze, Depositphotos, Pipedrive and Scentbird), accounting for approximately 75% of the Company’s NAV, are well-established, more mature businesses, with globally diversified revenues, strong cash reserves and tens of thousands of customers. They are operationally nimble, cost conscious companies that have grown rapidly, without undertaking large funding rounds to support expanded cost bases compared to some of their peers, which we believe should therefore enable them to better adapt to the current environment.”

“In the current situation of increased uncertainty, TMT is applying a cautious approach to new investments, whilst continuing to evaluate opportunities and remaining ready to benefit from the opportunities that may emerge in the coming months. With over US$10m in cash reserves, TMT is in a strong position to invest in outstanding opportunities that may emerge as a result of Covid-19. We are also proposing changes to our Investing Policy, which are primarily designed to allow TMT to benefit from potentially establishing and/or investing in other venture capital investment vehicles.”

“We expect to see a mix of both positive and negative impacts on the value of our investments over the remainder of 2020, and we look forward to keeping shareholders updated on relevant developments.”

Notice of AGM The Company’s Annual General Meeting will be held on 30 July 2020 at 13 Castle Street, St. Helier, Jersey, JE1 1ES at 14:30 (BST). Copies of the Annual Report and Accounts for the year ended 31 December 2019 and Notice of AGM will shortly be available on the Company’s website at www.tmtinvestments.com

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.

For detailed financial reports, visit: https://tmtinvestments.com/

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

For further information contact:
TMT Investments PLC
Alexander Selegenev
Executive Director
+44 (0)1534 281 800 (Computershare – Company Secretary)
alexander.selegenev@tmtinvestments.com
www.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
David Hothersall
+44 (0)20 7638 3435
davidh@kinlan.net

Source: TMT Investments PLC

 

 

 

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