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LONDON (Alliance News) - TMT Investments PLC said Tuesday it expects to post a number of positive revaluations for its portfolio holdings in 2015, as it reported a slight rise in net asset value per share for 2014 in what it called a "relatively uneventful" year.
Net asset value per share rose to USD1.36 at the end of 2014, compared to USD1.30 at the end of 2013. TMT Investments cited a limited number of revaluations across its portfolio. The company said that, as it mostly invests in earlier-stage privately held companies, changes in fair value of the companies cannot be justified unless there has been an independent equity financing round or "other measurable reliable evidence to support a change in the valuation".
However, it hopes that it will increase its chances of more regular revaluations by growing its number of investments. During the year, it invested USD3.4 million in eleven new companies, and has invested in a further two companies since the year end. It said that a "significant" number of its portfolio companies have experience rapid growth, and some are currently completing follow-on capital raises at "notably higher valuation levels".
"At the same time, given the risky nature of earlier-stage venture capital investments, we expect some negative revaluations in due course as well," the company added.
The investment firm posted a pretax loss of USD1.6 million in 2014, narrowed from a pretax loss of USD1.8 million the year before, as a rise in administrative costs was offset by lower share-based payment charges.
Shares in TMT Investments were untraded Tuesday. It last closed at USD1.72.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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