Revaluation of investment in Taxify

RNS Number : 6592M

TMT Investments PLC

01 August 2017

 

1 August 2017

TMT INVESTMENTS PLC

("TMT" or the "Company")

Revaluation of investment in Taxify

TMT Investments PLC, the venture capital company which invests in high-growth, technology companies across a number of core specialist sectors, is pleased to announce that its portfolio company Taxify OÜ ("Taxify") has completed a new equity financing round as part of a strategic partnership with Didi Chuxing, the world's leading mobile transportation platform.

The transaction represents a revaluation uplift of approximately US$1.8 million (or 547%) in the fair value of TMT's investment in Taxify, compared to the previous reported amount as of 31 December 2016, and is equivalent to approximately 6.5 cents in additional net asset value per TMT share.

Alexander Selegenev, Executive Director of TMT, commented: "We are delighted with this positive revaluation of our investment in Taxify.  As announced in our 2016 Annual Report, this is the third of a number of positive revaluations we said we were expecting in 2017.  It also provides yet another example of the revaluation time lag attributable to many of our successful fast-growing portfolio companies."

About Taxify

Launched in Estonia in 2013, Taxify is an international transportation network company headquartered in Tallinn, Estonia and operating in 25 cities and 18 countries in Europe, West Asia, Africa and Mexico with over 2.5 million users. The company develops and operates the Taxify mobile application, which allows customers to request a taxi or private hire driver from their smartphone.

For further information contact:

TMT Investments plc Alexander Selegenev Executive Director www.tmtinvestments.com	[phone] [e-mail]
ZAI Corporate Finance Ltd. NOMAD Dugald Carlean/Ray Zimmerman	[phone]
Hybridan LLP Broker Claire Louise Noyce	[phone]
Kinlan Communications David Hothersall	Tel. [phone] [e-mail]

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 net assets of US$53m and has invested in over 40 companies to date. 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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