Business
Sale of investment in Berryman
Sale of investment in Berryman.
About this update from Tmt Investments Plc
[{"type":"text","content":"\n \nRNS Number : 7300S TMT Investments PLC 05 December 2012 \n \n\n5 December 2012\n \nTMT INVESTMENTS PLC\n(\"TMT\" or the \"Company\")\n \nSale of investment in Berryman\n \nTMT Investments PLC, which invests in high-growth, internet-based companies with the potential to become multinational businesses, is pleased to announce the completion of the disposal of its entire equity stake in Berryman Capital Group Ltd (\"Berryman\") for a total cash consideration of US$1,200,000. \n \nTMT originally acquired new shares representing 20% of Berryman's equity capital for an aggregate consideration of $1,000,000 on 30 August 2011.\n \nThe cash consideration represents a 20% increase from Berryman's latest carrying value of US$1,000,000 on TMT's balance sheet as of 30 June 2012. The transaction was completed today, and the Company expects receipt of the consideration within the next five days.\n \nAlexander Selegenev, Executive Director of TMT Investments PLC, commented: \"Given the dynamic nature of the internet market, TMT continuously analyzes the developing trends and future potential of the different segments in the sector and the performance of its portfolio companies in order to reallocate capital effectively. Although we naturally target higher return rates, in the case of Berryman we decided that realising a 20% cash return over the investment period of approximately 15 months was a good deal for the Company's shareholders. We continue to have exposure to the online gaming opportunity via our recent investment in AppsIndep, a high-growth MMO games developer.\"\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 and Broker\nMarc Cramsie/Irina Lomova\n \n\n\n+44 20 7060 2220\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 and with capital firepower of USD26m, TMT has invested in...