Business
Cash-for-shares swap by senior management
Cash-for-shares swap by senior management.
About this update from Tmt Investments Plc
[{"type":"text","content":"\n \nRNS Number : 6041V TMT Investments PLC 16 December 2013 \n \n\n16 December 2013\n \nTMT INVESTMENTS PLC\n(\"TMT\" or the \"Company\")\n \nCash-for-shares swap by senior management\n \nTMT announces that three of its senior executives have signed agreements with the Company to receive all of their 2014 salaries in TMT shares on 31 December 2014 rather than monthly in cash. The number of shares receivable in each case is fixed at a price of US$1.7 per share, which compares with the latest middle market quotation for TMT shares of US$1.6 per share. The agreements are binding on the executives concerned regardless of TMT's future share price.\n \nThe executives concerned, who all receive salaries of US$100,000 per annum and will thus receive 58,823 TMT shares each, representing 0.24% of TMT's existing share capital, are:\n· Mr. Alexander Morgulchik and Mr. German Kaplun, who at present collectively own 18.57% of the issued share capital of TMT; and\n· Mr. Artyom Inyutin, who at present owns 19.65% of the issued share capital of TMT.\n \nEach of the executive listed above are therefore Related Parties for the purposes of the AIM Rules.\n \nIn accordance with the AIM Rules, the directors of the Company, all of whom are independent for the purposes of this transaction, having consulted with the Company's nominated adviser, ZAI Corporate Finance Limited, consider that the terms of the transaction are fair and reasonable insofar as the Company's shareholders are concerned.\n \nAlexander Selegenev, Executive Director, commented \"We welcome this agreement by senior executives to receive TMT shares rather than cash. It indicates confidence by senior management in the Company's strategy and frees up resources for future investment activities.\"\n \nThe current salary-for-shares arrangement is in addition to a similar agreement announced in December 2012, whereby the executives concerned agreed to receive all of their 2013 salaries in TMT shares on 31 December 2013. The number of shares receivable on 31 December 2013 was fixed at a price of US$1.6 per share.\n \nFor further information contact:\n \n\n\n\n\nTMT Investments Plc\nMr. Alexander Selegenev\nwww.tmtinvestments.com\n \n\n\n+44 1534 281 843\nalexander.selegene...