Revaluation of investment in Depositphotos

RNS Number : 2722L

TMT Investments PLC

08 January 2016

 

8 January 2016

TMT INVESTMENTS PLC

("TMT" or the "Company")

Revaluation of investment in Depositphotos, Inc.

TMT Investments PLC, which invests in high-growth internet-based companies across a variety of sectors, is pleased to announce that its portfolio company Depositphotos, Inc. ("Depositphotos") has completed a US$5 million equity financing round, led by the venture capital arm of the European Bank for Reconstruction and Development ("EBRD").  As part of the transaction, TMT invested an additional US$1 million in Depositphotos.

The transaction represents an approximately US$8.12 million (or 163%) uplift in the fair value of TMT's investment in Depositphotos, compared to the latest announced amount as of 30 June 2015, and is equivalent to 29 cents in additional net asset value per TMT share.

Alexander Selegenev, Executive Director of TMT, commented: "We are delighted with the significant positive revaluation of our portfolio company.  With the growth rates Depositphotos has experienced since our original investment in 2011, it was just a matter of time before that success would be reflected in the valuation.  The US$8.12 million uplift in the fair value of our investment in Depositphotos is equivalent to approximately 29 cents in additional net asset value per TMT share.  This revaluation alone represents an approximately 19% increase in TMT's latest announced NAV per share of US$1.51 as of 30 June 2015."

This transaction was the second of the expected revaluations announced by the Company on 30 November 2015.

About Depositphotos

Founded in 2009, Depositphotos is one of the fastest-growing stock photo marketplaces in the world.  Headquartered in New York, the company serves customers from 192 countries, providing 24/7 support in 20 languages.  Depositphotos has a library of over 40 million premium high-quality stock photos, illustrations, vector images and video files.  Its 3 million members worldwide use Depositphotos on a regular basis to search and license desired creative content.

For further information contact:

TMT Investments Plc Mr. Alexander Selegenev www.tmtinvestments.com	[phone] [e-mail]
ZAI Corporate Finance Ltd. NOMAD Richard Morrison/Irina Lomova	[phone]
Hybridan LLP Broker Claire Louise Noyce	[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 net assets of US$42m and has invested in just under 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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