Business
Statement re Investment
Statement re Investment.
About this update from Tmt Investments Plc
[{"type":"text","content":"\n \nRNS Number : 0809N TMT Investments PLC 26 August 2011 \n \n\n26 August 2011\n \nTMT INVESTMENTS PLC\n(\"TMT\" or the \"Company\")\n \nInvestment in Berryman Capital Group Ltd\n \nThe Board of TMT is pleased to announce an investment in Berryman Capital Group Ltd (\"BCG\"), a developer of online games for social networks. \n \nBCG is a limited liability company incorporated and registered under the laws of the British Virgin Islands. Its fully controlled subsidiary, Creat Studio Ltd (\"Creat Studio\"), is a limited liability company registered under the laws of the Russian Federation, which was established in August 2010 by a team of Russian professionals with significant international gaming industry experience. \n \nTo date, BCG has launched a number of online games, such as \"Never Sky\", \"Unsung Heroes\" and \"Maze\", which are currently distributed via Facebook, vkontakte, StudiVZ, Nasza-klasa and other social network platforms.\n \nTMT has agreed to acquire new shares representing 20% of BCG's equity capital (post-transaction) for an aggregate consideration of $1,000,000. A definitive agreement for the transaction was entered into today. Completion of the acquisition is conditional on undertakings given by BCG and its existing shareholders being satisfied. On satisfaction of those conditions, expected in September 2011 (\"the Effective Date\"), the transaction is expected to be completed in two stages, when TMT delivers to BCG the amounts of $500,000 and $500,000 within ten and sixty business days of the Effective Date respectively. \n \nThe agreement between the parties includes pre-emption rights in favour of the Company and other shareholders in the event of a proposed sale of shares by any shareholder other than the Company, and a right on the part of shareholders to participate in any sale of shares where the Company does not exercise its pre-emption right. The Company is not, however, required to make a pre-emptive offer of its shares in BCG to the other shareholders if it proposes to sell them. The agreement also gives the Company a right of veto in order to protect its position in certain circumstances. Pursuant to its rights under the agreement, TMT has appointed Alexander Pak to the Board of BCG. \n \nIn respec...