29 March 2016
TMT INVESTMENTS PLC
("TMT" or the "Company")
Partial disposal and revaluation of investment in Depositphotos, Inc.
TMT Investments PLC, which invests in high-growth internet-based companies across a variety of sectors, is pleased to announce that it has sold a sizable part of its holding in Depositphotos, Inc. ("Depositphotos") for US$5.85 million to a private European investor.
TMT's net cash consideration received pursuant to the transaction is US$5.83 million. The Company's remaining fully diluted equity stake in Depositphotos is approximately 16.7%. The Company will use the proceeds of the sale to pursue its investment strategy.
The transaction represents an approximately 5.5 times increase in the valuation of TMT's holding in Depositphotos since TMT's original investment in 2011 and 2012, and an approximately US$2.55 million (or 18%) uplift in the fair value of TMT's investment in Depositphotos, compared to the latest reported amount as of 31 December 2015, and is equivalent to 9 cents in additional NAV per TMT share.
Alexander Selegenev, Executive Director, commented: "The transaction is further proof of our active asset allocation strategy at TMT, and the fact that attractive exit opportunities are available for quality, fast-growing companies in the Internet/Tech sector. Given the attractive revaluation of the investment achieved to date and our expectations for continuing growth in the future, TMT has kept a significant stake in Depositphotos. Depositphotos has an ambitious and highly motivated team that is executing an active geographic and product expansion strategy in the fast-growing stock photo and video market."
About Depositphotos
Founded in 2009, Depositphotos is one of the fastest-growing stock photo marketplaces in the world. Headquartered in New York, the company serves customers from 192 countries, providing 24/7 support in 20 languages. Depositphotos has a library of over 40 million premium high-quality stock photos, illustrations, vector images and video files. Its 3 million members worldwide use Depositphotos on a regular basis to search and license desired creative content.
For further information contact:
TMT Investments Plc Alexander Selegenev www.tmtinvestments.com |
+44 1534 281 843 [email protected] |
ZAI Corporate Finance Ltd. NOMAD Richard Morrison/ Peter Trevelyan-Clark/ 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 [email protected] |
