Business
Annual Financial Report and Notice of AGM
Annual Financial Report and Notice of AGM.
About this update from Tmt Investments Plc
[{"type":"text","content":"\n \nRNS Number : 5655D TMT Investments PLC 27 June 2019 \n\n27 June 2019\n \nTMT INVESTMENTS PLC\n(\"TMT\" or the \"Company\")\n \nResults for the year ended 31 December 2018 and Notice of AGM\n \nTMT Investments Plc (AIM: TMT), the venture capital company investing in high-growth technology companies, is pleased to announce its final results for the year ended 31 December 2018.\n· NAV per share of US$3.09 (up 27.3% from US$2.43 as at 31 December 2017)\n· Total NAV is US$90.3 million (up from US$67.4 million as at 31 December 2017)\n· US$24.7 million of net cash proceeds from full and partial exits during 2018, of which US$22.3 million was received post year-end in respect of Wrike, Inc. (\"Wrike\")\n· US$3.5 million (before expenses) raised from investors, including a UK institutional investor\n· Diversified portfolio of over 25 companies focused around big data/cloud, e-commerce, marketplaces and SaaS (software-as-a-service) solutions\n· Many portfolio companies continue to experience rapid growth\n· Strong expectations of positive revaluations in 2019\n· Active pipeline of new investment opportunities\n· US$22.2 million in current cash reserves\n \nAlexander Selegenev, Executive Director of TMT, commented: \"2018 was another successful year for the Company, with several sizeable positive revaluations and exits across our portfolio. The Company's net asset value benefited from various revaluations during the year including the 350% increase in the value of our investment in Bolt (previously called Taxify), the global ride-hailing and transportation company which became the first 'unicorn' in our portfolio, and Wrike, the collaborative work platform, which we realised in December 2018, achieving a 173% uplift on our carrying value. These events more than offset the smaller write-downs that we accounted for in order to maintain our portfolio free from poorly performing investments.\n \n\"As of 31 December 2018, TMT...