Last checked at 10 Dec 2015 07:00
10 December 2015
TMT INVESTMENTS PLC
("TMT" or the "Company")
Revaluation of investment in LeTote, 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 LeTote, Inc. ("LeTote") has recently completed a US$15 million equity financing round.
The transaction represents an approximately US$0.62 million (or 137%) uplift in the fair value of TMT's investment in LeTote, compared to the latest announced amount as of 30 June 2015, and is equivalent to 2.2 cents in additional net asset value per TMT share.
This transaction was one of the expected revaluations announced by the Company on 30 November 2015.
About LeTote
Based in San Francisco, LeTote (www.letote.com) is a Netflix-style fashion rental platform, which delivers clothing and accessory boxes straight to consumers' doors for US$49 a month. LeTote has raised US$30 million to date, and its revenue for 2015 is on track to grow fivefold by the end of the year.
For further information contact:
TMT Investments Plc Mr. Alexander Selegenev www.tmtinvestments.com
| +44 1534 281 843 alexander.selegenev@tmtinvestments.com
|
ZAI Corporate Finance Ltd. NOMAD Richard Morrison/Irina Lomova
| +44 20 7060 2220 |
Hybridan LLP Broker Claire Louise Noyce
| +44 20 3764 2341 |
Kinlan Communications David Hothersall
| Tel. +44 20 7638 3435 davidh@kinlan.net |
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