16th Apr 2020 13:58
(Alliance News) - TMT Investments PLC on Thursday said its net asset value increased in 2019 following increased revaluations in two of its larger holdings.
The firm's NAV per share rose 14% to USD3.52 on December 31 from USD3.09 at the end of 2018.
TMT explained that: "In addition to a number of smaller revaluations, the company's NAV benefited significantly from increased revaluations in two of its larger holdings: Backblaze, the data backup and cloud storage company, and Bolt (previously called Taxify), the global ride-hailing and transportation platform."
The firm paid its second ever special dividend in 2019, 20 US cents per share, following its profitable exit from Write in late 2018. This was paid July 2019. Its first special dividend of 10 cents was paid back in November 2019 when its partially exited Depositphotos.
Executive Director Alexander Selegenev said: "2019 was another successful year for the company, with several sizeable positive revaluations across our portfolio. The company's net asset value benefited from various revaluations during the year including the 120% increase in the value of our investment in Backblaze, the global data backup and cloud storage company. These revaluations more than offset the smaller write-downs that we accounted for in order to maintain our portfolio free from poorly performing investments."
Selegenev added: "In the current situation of increased uncertainty, TMT is applying a cautious approach to new investments, whilst continuing to evaluate opportunities and remaining ready to benefit from the opportunities that may emerge in the coming months. With over USD10 million in cash reserves, TMT is in a strong position to invest in outstanding opportunities that may emerge as a result of Covid-19. We are also proposing changes to our investing policy, which are primarily designed to allow TMT to benefit from potentially establishing and/or investing in other venture capital investment vehicles.
"We expect to see a mix of both positive and negative impacts on the value of our investments over the remainder of 2020, and we look forward to keeping shareholders updated on relevant developments."
Shares in TMT were down 3.6% at USD3.05 in London on Thursday afternoon.
By Anna Farley; [email protected]
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