Business
Revaluation of investment in LeTote, Inc
Revaluation of investment in LeTote, Inc.
About this update from Tmt Investments Plc
[{"type":"text","content":"\n \nRNS Number : 5811I TMT Investments PLC 10 December 2015 \n\n10 December 2015\n \nTMT INVESTMENTS PLC\n(\"TMT\" or the \"Company\")\n \nRevaluation of investment in LeTote, Inc.\n \nTMT Investments PLC, which invests in high-growth internet-based companies across a variety of sectors, is pleased to announce that its portfolio company LeTote, Inc. (\"LeTote\") has recently completed a US$15 million equity financing round.\n \nThe transaction represents an approximately US$0.62 million (or 137%) uplift in the fair value of TMT's investment in LeTote, compared to the latest announced amount as of 30 June 2015, and is equivalent to 2.2 cents in additional net asset value per TMT share.\n \nThis transaction was one of the expected revaluations announced by the Company on 30 November 2015.\n \nAbout LeTote\n \nBased in San Francisco, LeTote (www.letote.com) is a Netflix-style fashion rental platform, which delivers clothing and accessory boxes straight to consumers' doors for US$49 a month. LeTote has raised US$30 million to date, and its revenue for 2015 is on track to grow fivefold by the end of the year.\n \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\[email protected]\n \n\n\n\n\nZAI Corporate Finance Ltd.\nNOMAD\nRichard Morrison/Irina Lomova\n \n\n\n+44 20 7060 2220\n\n\n\n\nHybridan LLP\nBroker\nClaire Louise Noyce\n \n\n\n+44 20 3764 2341\n\n\n\n\nKinlan Communications\nDavid Hothersall\n \n\n\nTel. +44 20 7638 3435\[email protected]\n\n\n\n\n \nAbout TMT Investments\n \nTMT Investments PLC invests in high-growth, internet-based companies across a variety of sectors and has a significant number of Silicon Valley investments in its portfolio. Founded in 2010, TMT has net assets of US$42m and has invested in just under 40 companies to date. 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\n \n\nThis information is provided by RNSThe company news service from the London Stock Exchange END STRVKLFBELFBFBK\n ","length":52...