Receipt of US$40.9m re Pipedrive

RNS Number : 4185J

TMT Investments PLC

21 December 2020

 

21 December 2020

TMT INVESTMENTS Plc

("TMT" or the "Company")

Receipt of US$40.9 million in respect of the disposal of TMT's interest in Pipedrive

TMT Investments PLC (AIM: TMT.L), the venture capital company investing in high-growth technology companies, is pleased to announce that, further to its announcement of 12 November 2020 regarding the disposal of its entire holding in Pipedrive, Inc. ("Pipedrive") (the "Disposal"), the Company confirms receipt of the initial consideration of US$40.9 million, with a further small deferred consideration payable, which TMT expects will amount to less than 1% of the initial consideration, subject to certain adjustments, over the next few months.

The Disposal represents a substantial uplift in the valuation of TMT's investment in Pipedrive  and following receipt of US$40.9 million, the Company's cash position has now increased significantly to over US$42 million and the Company will continue to seek to identify and invest in opportunities within the technology sector to create further shareholder value. 

In addition, the Company intends to fully repay its zero-interest shareholder loan, announced on 25 November 2020, of which a total of US$3.0 million has been drawn to date.

This announcement is inside information for the purposes of Article 7 of EU Regulation 596/2014.

TMT Investments Plc Alexander Selegenev Executive Director www.tmtinvestments.com	[phone] (Computershare - Company Secretary) [e-mail]
Strand Hanson Limited (Nominated Adviser) Richard Tulloch / James Bellman	[phone]
Hybridan LLP (Broker) Claire Louise Noyce	[phone]
Kinlan Communications David Hothersall	[phone] [e-mail]

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 invested in over 60 companies to date and has net assets of US$101m as of 30 June 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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