29th Apr 2014 09:28
LONDON (Alliance News) - Internet-based companies investor TMT Investments PLC Tuesday said its net asset value per share increased after a number of its portfolio companies demonstrated "strong" growth and attracted further investment.
In a statement, TMT Investments said its NAV per share increased 19% to USD1.30 from USD1.09 over 2013. The company invested USD2.3 million in five new companies and an additional USD3.1 million in four existing portfolio companies over the course of the year.
The shares were quoted Tuesday morning at USD1.78 per share, up 0.9%.
"We are pleased to report that in 2013 a number of TMT's portfolio companies demonstrated strong growth and attracted further investment from a number of prominent investors as they continued to develop and refine their successful business models. The NAV of USD1.30 per share reflects the increased valuation of the portfolio, up from USD1.09 at the end of 2012," Executive Director Alexander Selegenev said in a statement.
2013 was TMT Investments' third full year as a publicly traded company and it said it reviewed over two hundred investment opportunities.
TMT largely invests in earlier-stage companies typically at valuations of up to USD20.0 million.
Noting TMT Investments' diversified portfolio, Selegenev said the company expects to announce "a number of notable developments" in existing investee companies in due course.
"We continue to have a strong pipeline of new investment opportunities, and intend to complete a number of new and follow-on investments in 2014. With a number of our portfolio companies experiencing rapid growth, we expect a number of positive revaluations of our investee companies. At the same time, given the risky nature of earlier-stage venture capital investments, we expect some negative revaluations in due course as well," Selegenev said.
TMT Investments' 2013 pretax loss widened to USD1.8 million from USD875,151 in 2012.
Administrative expenses increased to USD1.3 million from USD1.2 million, while the company incurred a share-based payment charge of USD576,207 to USD128,183 in 2012.
By Samuel Agini; [email protected]; @samuelagini
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