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I've been in TMT since $4.00 a share selling out at $9.00. Saw the move up to $11+ and though it was high. Excited to see the price drop to the sub $9 level. Spent the weekend trying to get the Primary Bid app to work but it simply didn't and their customer service team couldn't solve. No page on which to enter payment details for me. Tried without VPN, with VPN, tried on Apple and Android. Really disappointed and actually more surprised to see the Primary Bid placing under subscribed. Maybe I can pick up for less in the normal market. Suffice to say I think the Primary Bid concept is great for retail investors and have used for 3 subscriptions. But the app only payment has been a failure and the lack of website options is poor. Hopefully they can fix soon because it would be worth investing in the parent company otherwise
Bargain Shares: TMT Investment’s offer worth backing.
A subscription offer from a venture capital company that invests in high-growth, internet-based companies is worth taking up, but you will have to act quickly.
October 4, 2021
By Simon Thompson
US$18.5m placing and US$1.5m subscription offer at 850¢.
Depositphotos and PandaDoc transactions result in 30 per cent plus revaluation uplifts.
TMT’s management and shareholders forming part of Concert Party subscribe for 598,799 shares in offer.
TMT Investments (TMT:895¢), a venture capital company that invests in high-growth, internet-based companies, is raising US$18.5m through a conditional placing and US$1.5m through a PrimaryBid.com subscription offer at 850¢ a share. The announcement was made as the market closed on Friday, 1 October and the PrimaryBid offer is open until 12pm today. It’s worth buying into.
In the first six months of 2021, TMT reported a 23 per cent rise in net asset value (NAV) from $177.9m to $218.6m (749¢ a share), buoyed by gains on two its largest holdings: global ride-hailing and food delivery company Bolt ($30m valuation uplift to $66.2m on TMT’s 1.42 per cent stake), and proposal automation and contract management software provider PandaDoc ($10.4m uplift to $14m on TMT’s 1.32 per cent). TMT has subsequently sold 11 per cent of its interest in Pandadoc for US$2m, implying a fair value uplift of 30 per cent.
The company has also signed a conditional agreement to dispose of its entire holding in Depositphotos, a leading stock photo and video marketplace, for US$14.3m in cash. This represents a revaluation uplift of US$3.5m (or 32.2 per cent) compared the 30 June 2021 valuation. These two transactions increase TMT’s proforma NAV per share to 775¢. Since the half year-end, the company has also made a further 12 investments worth $13m, and currently has net cash of US$11.2m (38¢).
The placing and subscription offer not only widens the shareholder base, but will enable TMT’s investment managers to take advantage of an attractive pipeline of further investments. The offer is effectively pitched at a 9.6 per cent premium to proforma NAV, a price point that reflects investment managers impressive track record, having generated an eye-catching NAV-based internal rate of return (IRR) of 34.2 per cent over the past five years, and increased NAV per share 675 per cent since IPO in December 2010.
TMT’s shares have risen from 318¢ to 870¢ on an offer-to-bid basis since I turned buyer again 16 months ago (‘On the hunt for recovery buys’, 6 July 2020), and are currently offered in the market at 895¢, in line with the level of my last buy recommendation ('Bargain Shares: On the technology beat’, 24 August 2021). I advise taking up the PrimaryBid offer before the 12pm deadline today and continue to rate the shares a buy.
TMT doing a big fund raise for new investments and PB offer as well
https://www.investegate.co.uk/tmt-investments--tmt-/rns/placing-and-subscription-to-raise-us-18.5-million/202110011630028046N/
https://www.investegate.co.uk/tmt-investments--tmt-/rns/primarybid-offer/202110011636028054N/
Taken the plunge this looks a solid long term play
Now at $8.75 NAV so has achieved a 45% uplift in 9 months. The new investments look very interesting with good potential
What's with the drop today? People selling on the news? Half year report looked good
$6.10 NAV per share - Dec 2020
Plus $0.43 May 2021 Update
Plus $1.03 Aug 2021 Update
Plus anything else.
$7.56 NAV for a share buyable for $11.70
NAV uplift yesterday due to bolt fundraise = $1.03 per share.
https://markets.ft.com/data/announce/detail?dockey=1323-15082880-042SKQ0G2PNOGF64MT0VMEAJ8B
https://www.cnbc.com/2021/08/02/uber-rival-bolt-valued-at-4point75-billion-in-new-funding-round.html
Wise, the global technology company building a better way to move money globally, IPO London debut, market value of £9bn. Has FY Mar 21 revenues of £421m or multiple of some 21x revenues. Should be a positive read through for one of TMT Investment holdings in 3S Money Club Limited, the UK-based bank challenger that provides corporate clients with multi-currency bank accounts which itself recently completed a new equity funding round enabling TMT to post an uplift of 306% as per the RNS of 1st July 2021.
From RNS
3S Money Club Limited, a UK-based bank challenger providing corporate clients with multi-currency bank accounts (www.3s.money), completed a new equity funding round. The transaction represented a revaluation uplift of US$1.9 million (or 306%) in the fair value of TMT's investment in 3S Money, compared to the previous reported amount as of 31 December 2020 (adjusted for the value of TMT's additional investments made in 3S Money in the first half of 2021).
VBR
Wasn't expecting to see an $8.50 mid point!! Strange that a SImon Thompson article can have such an impact on one share but not on others.
Price not showing a 702.5 mid point!
Simon Thompson article in IC this morning - https://www.investorschronicle.co.uk/comment/2020/12/07/exploiting-share-price-dislocations/ - saying potential forthcoming IPO of Backblaze cloud company could be worth $1bn so approx 300 cents per share to TMT. TMT own 10.85% of Backblaze.
up 12% today
Sold 50% of my holding at $6. Surprised to see it jump about $6. Pretty much covered my original investment. Now a chance to sit back and see what's to come.
correction, 18% ... what would happen if the herd arrived?
another 9% today
Great to see the rise from $4.04 up to mid point of $5.17 today. The Pipedrive sale suggested $5.10 with a $1 on the NAV from $3.46 to $4.46 plus the 20% premium to NAV it was trading on. Question is now of how much upside there is on the other investments. Have a target price of $5.50 in mind for next 9 months. Any thoughts on what's possible. I know there's a lot of investments. Question of what is realisable and what increases in NAV are possibly due.
Yes it's fantastic news.
RNS came out late pm yesterday cos of US time lag so it didn't catch all the attention. Sometimes takes a few days. There's a lot of value in TMT which isn't always reflected on the balance sheet. Investments are valued on last financing rounds and Pipedrive hadn't needed to raise money for a good few years as was presumably doing so well ... Looking at Interims 2020 Pipedrive was valued at 10,257,098 (just looked it up) .... and sold for $41m yesterday!! These investment companies can be abolute goldmines and suddenly announce big exits.
I see that Canaccord has a big chunk of TMT 5%
https://www.investegate.co.uk/tmt-investments/rns/holding-s--in-company/202006251335011184R/
https://www.investegate.co.uk/tmt-investments--tmt-/rns/us-41m-disposal-of-interest-in-pipedrive/202011121428201661F/
Great news on the 250% premium on the Pipedrive investment. Huge result.
On the basis that TMT was trading at a 20%+ premium to the June NAV of $3.46 (at the $4.10 level), the RNS is saying it's worth another $1. That means a minimum of $4.46 and potentially another 20% pushing to $5.40. We're up to the $4.60 level (mid point currently)
Any thoughts?
Simon Thompson strikes again and SP up but I think lots more to go still with a portfolio doing well in "new normal"
Full article just posted on their website https://tmtinvestments.com/
TMT have put Simon Thompson's article up on their website, under the News / Press section
https://tmtinvestments.com/
There can be a lot of unrealized value in these these types of companies and then suddenly they announce a bit exit and share price rockets. TMT has been going since 2010 and know what they're doing, very picky what they invest in I reckon.
Some of the big ticket investments now coming to fruition like Wrike last year they did an exit for $23m just for their stake. Pipedrive could be next.
It's good to see. There's been such low trading volume and almost no news. They have some superb investments so finally a little bit of recovery. I believe $5 - $5.50 is a fair level to target.
Share price rocketing, Simon's back after TMT was his star pick in his 2019 Bargain shares portfolio
Rekcons NAV per share could be well above 500¢ by the end of 2021, comapred to 352¢ at the moment.
https://www.investorschronicle.co.uk/comment/2020/07/06/on-the-hunt-for-recovery-buys/
Been monitoring this for a while and strong set of results with NAV up +27% and a divi planned on the back of the Wrike exit! The new annual report also has a lot of very good info on the investment portfolio, a lot of them US companies that are selling worldwide
http://tmtinvestments.com/wp-content/uploads/2019/06/TMT-Annual-Report-2018-1.pdf
https://www.proactiveinvestors.co.uk/LON:TMT/TMT-Investments/rns/LSE20190709070009_14140936
http://tmtinvestments.com/wp-content/uploads/2019/01/2019.01.02-TMT-Disposal-of-Wrike-and-Portfolio-update-Final.pdf
$25m in cash on balance sheet soon out market cap of only £50m ($63m) to account for all the other portfolio companies ... seems very cheap ... high cash bolster will put TMT in very strong position
TMT Investments PLC (AIM: TMT.L), the venture capital company investing in high-growth technology companies, is pleased to announce that it has agreed to dispose of its entire holding in Wrike, Inc. (“Wrike”) for a net aggregate cash consideration of US$22.9 million (the “Disposal”). The Disposal will result in a substantial increase in the Company’s cash resources and its net asset value (“NAV”).
The Board of TMT believes that the Disposal demonstrates the Company’s ability to identify and invest in early-stage high-growth companies within the technology sector that have the ability to create significant shareholder value through capital appreciation.
The Disposal represents a substantial uplift in the valuation of TMT’s investment in Wrike of approximately US$14.5 million and will, on receipt of funds, result in a material increase in the Company’s available cash to over US$25.0 million. The Company will continue to seek to identify and invest in opportunities within the technology sector and will keep shareholders updated of developments in this regard as appropriate.