Last checked at 1 Nov 2021 13:00
1 November 2021
TMT INVESTMENTS PLC
("TMT" or the "Company")
Portfolio Update
TMT Investments Plc (AIM: TMT.L), the venture capital company investing in high-growth technology companies, notes the announcement released by 3D Systems (NYSE:DDD) on 27 October 2021 in respect of its agreement to acquire Volumetric Biotechnologies. Inc. ("Volumetric") (the "Acquisition"). According to the announcement released by 3D Systems, the Acquisition is to be structured as a US$45 million closing payment, with up to US$355 million of further consideration due on an earnout basis subject to the achievement of certain milestones linked to the attainment of significant steps in the demonstration of human applications (the "Contingent Consideration"), with all such payments comprising approximately half cash and half equity in 3D Systems. The Acquisition is expected to close in the fourth quarter of 2021.
TMT invested US$200,000 in Volumetric in July 2020 by way of a simple agreement for future equity ("SAFE") with a 20 per cent. discount on conversion subject to a valuation cap of US$12.5 million, which TMT expects will be converted and sold as part of the Acquisition.
The Company does not currently have any further information in relation to the milestones linked to the Contingent Consideration, and there can be no certainty that such milestones will ultimately be achieved.
For further information contact:
TMT Investments Plc Alexander Selegenev Executive Director www.tmtinvestments.com
| +44 (0)1534 281 800 (Computershare - Company Secretary)
alexander.selegenev@tmtinvestments.com
|
Strand Hanson Limited (Nominated Adviser) James Bellman / James Dance
| +44 (0)20 7409 3494 |
Cenkos Securities plc (Joint Broker) Ben Jeynes
| +44 (0)20 7397 8900 |
Hybridan LLP (Joint Broker) Claire Louise Noyce
| +44 (0)20 3764 2341 |
Kinlan Communications David Hothersall
| +44 (0)20 7638 3435 davidh@kinlan.net |
About TMT Investments Plc
TMT Investments Plc invests in high-growth technology companies across a number of core specialist sectors and has a significant number of Silicon Valley investments in its portfolio. Founded in 2010, TMT has a current investment portfolio of over 50 companies and net assets of US$218 million as of 30 June 2021. 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.