22nd Jul 2014 13:22
LONDON (Alliance News) - TMT Investments PLC Tuesday said that it has allotted 1.4 million new shares to new and existing investors at USD1.85 each, raising USD2.65 million in the process, as it targets further investments in some of its existing portfolio companies.
The shares were issued at a 5.6% discount to Monday's closing price.
In a statement, TMT, which invests in internet-based companies across a number of sectors, said that it issued 1.0 million of the shares to existing shareholders Macmillan Trading Company Ltd, which acquired 540,540 shares, and Spotlight Global Corp, which acquired 486,486 shares.
Macmillan, which is controlled by TMT senior managers German Kaplun and Alexander Morgulchik, now hold a 21.83% stake, while Spotlight now has an 8.9% stake. Prior to the capital raising, Macmillan had a 20.96% stake in TMT, while Spotlight had a 7.5% stake.
"Given the company's limited free float, we are pleased with this opportunity to expand our shareholder base. The additional capital will be used to make follow-on investments in our most promising portfolio companies, as well as to pursue new investment opportunities," Executive Director Alexander Selegenev said in a statement.
By Samuel Agini; [email protected]; @samuelagini
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