Exercise of option in DepositPhotos, Inc.

RNS Number : 5650E

TMT Investments PLC

31 May 2012

 



31 May 2012

TMT INVESTMENTS PLC

("TMT" or the "Company")

Exercise of option in DepositPhotos, Inc.

TMT is pleased to announce completion of an additional investment in its portfolio company DepositPhotos, Inc. ("DepositPhotos").

Pursuant to the option granted to TMT at the time of the Company's original investment in DepositPhotos, TMT today acquired 206,764 new and 206,766 existing shares in DepositPhotos for an aggregate consideration of US$2 million.  As a result, TMT currently owns 768,530 shares in DepositPhotos representing 30.0% of DepositPhotos's fully diluted equity capital.

TMT's original investment in DepositPhotos was made on 26 July 2011, when TMT acquired new shares representing 15.0% of DepositPhotos's equity capital for a consideration of US$1,988 and an obligation to make capital contributions to DepositPhotos of twice the amount of any capital contributions made by DepositPhotos's founder and CEO in the period up to 3 years, up to a total further investment by TMT of US$1 million.  This co-investment obligation was fully fulfilled by TMT in February 2012.

As part of the original investment, TMT was granted an option to increase its investment in DepositPhotos to 30.0% of the share capital at an aggregate price of between US$500,000 and US$2 million, dependent on DepositPhotos's financial performance in the first year from the completion of TMT's initial investment.

DepositPhotos (www.depositphotos.com) is a leading fast-growing source for premium royalty-free stock photos, illustrations and vector art on the Internet.

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	020 7060 2220
Kinlan Communications David Hothersall	Tel. [phone] [e-mail]

 

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