Transaction in Own Shares

RNS Number : 3390G

TMT Investments PLC

05 June 2013

 

5 June 2013

TMT INVESTMENTS PLC

("TMT" or the "Company")

Buy-back of the Company's shares

The Company announces that on 4 June 2013 it agreed to purchase 636,363 ordinary shares of no par value each in the Company ("Ordinary Shares") at a price of US$1.10 per Ordinary Share, being a discount of 37% to the closing price of the Ordinary Shares on 3 June 2013, at a cost of US$700,000.

The ordinary shares are part of the shareholding of Caninton Trading Ltd. ("Caninton"), whose shareholding in the Company will be reduced to 2,971,698 Ordinary Shares, representing 11.99% of the Company's issued ordinary share capital.

The purchase follows a request to the Company by Caninton, who wish to realise cash for reasons unconnected with TMT.  The Board has agreed to this request bearing in mind that the Company has sufficient cash resources and that the price paid is in line with the Company's latest reported net asset value per Ordinary Share.  The Ordinary Shares purchased from Caninton will be cancelled.

Alexander Selegenev, Executive Director of TMT Investments PLC, commented:

"The Board believes that this buy back, conducted at a 37% discount to the Company's share price, is to the benefit of all shareholders."

The purchase of shares from a substantial shareholder is a related party transaction under the AIM Rules.  The Directors, having consulted with the Company's Nominated Adviser ZAI Corporate Finance Ltd, believe that the terms of the transaction are fair and reasonable insofar as the Company's shareholders are concerned.

Following the purchase, the Company will have zero Ordinary Shares held in treasury.

For further information contact:

TMT Investments Plc Mr. Alexander Selegenev www.tmtinvestments.com	[phone] [e-mail]
ZAI Corporate Finance Ltd. NOMAD and Broker Marc Cramsie/Irina Lomova	[phone]
Kinlan Communications David Hothersall	Tel. [phone] [e-mail]

About TMT Investments

TMT Investments PLC invests in high-growth, internet-based companies across a variety of sectors and has a significant number of Silicon Valley investments in its portfolio. Founded in 2010, TMT has raised USD28m and invested in 25 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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