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2 Aug 2021 16:16
2 August 2021
TMT INVESTMENTS PLC
("TMT" or the "Company")
Significant Revaluation
TMT Investments Plc (AIM: TMT.L), the venture capital company investing in high-growth technology companies, is pleased to announce a significant revaluation of one of its portfolio companies.
TMT's portfolio company Bolt, a leading international ride-hailing and food delivery company (www.bolt.eu), announced, on 2 August 2021, that it had successfully raised €600 million (US$713 million) in an equity finance round led by Sequoia Capital (the "Bolt Fundraise"). The Bolt Fundraise represents a substantial valuation uplift of approximately US$30 million (or 83%) in the value of TMT's investment in Bolt, compared to the previously reported valuation as at 31 December 2020.
This revaluation is expected to result in a further significant increase in the Company's net asset value, equivalent to approximately US$1.03 per share (before adjustments for the Company's ongoing operating expenses, accrued bonus, potential future revaluations/impairments, and similar items).
A complete portfolio update will be provided alongside the Company's interim results to 30 June 2021, which are expected to be published in the second half of August 2021.
Alexander Selegenev, Executive Director, TMT Investments Plc, commented: "Investing in successful companies at an earlier stage of their development is TMT's core focus and value add to its shareholders. TMT first invested in Bolt in September 2014 when it only had operations in a few cities. Today Bolt is active in over 300 cities globally and we are therefore delighted to see that Sequoia Capital, one of the world's leading and largest venture capital investors, has followed in TMT's footsteps with the leading of this very significant equity fundraise of €600 million".
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 |
This announcement is released by TMT Investments plc and contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 (MAR), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
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 45 companies and net assets of US$178 million as of 31 December 2020. 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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