Business
Investment in Favim Holding Limited
Investment in Favim Holding Limited.
About this update from Tmt Investments Plc
[{"type":"text","content":"\n \nRNS Number : 4808P TMT Investments PLC 25 October 2012 \n \n\n25 October 2012\n \nTMT INVESTMENTS PLC\n(\"TMT\" or the \"Company\")\n \nInvestment in Favim HoldingLimited\n \nTMT Investments PLC, which invests in high-growth, internet-based companies across a variety of sectors with the potential to become multinational businesses, is pleased to announce the completion of an investment in Favim Holding Limited (\"Favim\"), an online photo sharing and collecting service. \n \nTMT has acquired 10,000 newly issued common shares representing 20% of Favim's fully diluted equity capital, for an aggregate consideration of US$300,000. \n \nThe agreements between the parties include pre-emption rights, information rights, veto rights and other rights and protections in favour of TMT. Pursuant to its rights under the agreement, TMT has appointed German Kaplun to the board of Favim.\n \nTMT has an option to subscribe for additional shares in Favim for an aggregate consideration varying from US$100,000 to US$200,000. The option may be exercised after the first anniversary of the transaction.\n \nFavim has developed a system that allows users to add their own or third-party images from the Web to their personal galleries on favim.com in just two easy steps. Favim uses an innovative system that uses colours as well as tags to identify unique and inspirational pictures. The most successful web service comparable to favim.com is Pinterest which, according to www.dreamgrow.com, is currently a top 5 social networking site with over 1% global market share in terms of audience.\n \nFavim was incorporated in the British Virgin Islandsin July 2012, and is the brainchild of Artem Bachynskyi, a 22-year old software engineer who graduated from Khmelnitsky National University (Ukraine).\n \nAlexander Selegenev, Executive Director of TMT Investments PLC, commented: \"Last year we invested in Wanelo, which is a social store curated by users and successfully operating in the consumer e-commerce segment through the use of visuals and social media. We also invested in DepositPhotos, which provides web-based, royalty-free access to millions of images, from vector graphics to professional photos in an easy-to-use format. TMT's investment in Favim is another step in ...