Cash-for-shares swap by senior management

RNS Number : 1979T

TMT Investments PLC

11 December 2012

 

11 December 2012

TMT INVESTMENTS PLC

("TMT" or the "Company")

Cash-for-shares swap by senior management

TMT announces that three senior executives have signed agreements with the Company to receive all of their 2013 salaries in TMT shares on 31 December 2013 rather than monthly in cash.  The number of shares receivable in each case is fixed at a price of US$1.6 per share, which compares with the latest middle marker quotation for TMT shares of US$1.6 per share.  The agreements are binding on the executives concerned regardless of TMT's future share price.

The executives concerned, who all receive salaries of US$100,000 per annum and will thus receive 62,500 TMT shares each, representing 0.25% of TMT's existing share capital, are:

·    Mr. Alexander Morgulchik and Mr. German Kaplun, who at present collectively own 16.7% of the issued share capital of TMT and are thus Related Parties for the purposes of the AIM Rules; and

·    Mr. Artyom Inyutin, who at present owns 5.28% of the issued share capital of TMT.

In accordance with the AIM Rules, the directors of the Company, all of whom are independent for the purposes of this transaction, having consulted with the Company's nominated adviser, ZAI Corporate Finance Limited, consider that the terms of the transaction are fair and reasonable insofar as the Company's shareholders are concerned.

Alexander Selegenev, Executive Director, said today "We welcome this agreement by senior executives to receive TMT shares rather than cash.  It indicates confidence by senior management in our strategy and frees up resources for investment in our portfolio."

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 and with capital firepower of USD26m, TMT has invested in 22 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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