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Technology Metals Australia Ltd

Annual Financial Report and Notice of AGM

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RNS Number : 5655D
TMT Investments PLC
27 June 2019
 

27 June 2019

 

TMT INVESTMENTS PLC

("TMT" or the "Company")

 

Results for the year ended 31 December 2018 and Notice of AGM

 

TMT Investments Plc (AIM: TMT), the venture capital company investing in high-growth technology companies, is pleased to announce its final results for the year ended 31 December 2018.

·        NAV per share of US$3.09 (up 27.3% from US$2.43 as at 31 December 2017)

·        Total NAV is US$90.3 million (up from US$67.4 million as at 31 December 2017)

·        US$24.7 million of net cash proceeds from full and partial exits during 2018, of which US$22.3 million was received post year-end in respect of Wrike, Inc. ("Wrike")

·        US$3.5 million (before expenses) raised from investors, including a UK institutional investor

·        Diversified portfolio of over 25 companies focused around big data/cloud, e-commerce, marketplaces and SaaS (software-as-a-service) solutions

·        Many portfolio companies continue to experience rapid growth

·        Strong expectations of positive revaluations in 2019

·        Active pipeline of new investment opportunities

·        US$22.2 million in current cash reserves

 

Alexander Selegenev, Executive Director of TMT, commented: "2018 was another successful year for the Company, with several sizeable positive revaluations and exits across our portfolio.  The Company's net asset value benefited from various revaluations during the year including the 350% increase in the value of our investment in Bolt (previously called Taxify), the global ride-hailing and transportation company which became the first 'unicorn' in our portfolio, and Wrike, the collaborative work platform, which we realised in December 2018, achieving a 173% uplift on our carrying value.  These events more than offset the smaller write-downs that we accounted for in order to maintain our portfolio free from poorly performing investments.

 

"As of 31 December 2018, TMT had successfully exited from 12 investments (including 4 partial exits), generating US$37 million in net cash proceeds (including deferred amounts) since our admission to AIM in December 2010.  This demonstrates our ability to identify highly promising companies with exceptional leadership at an early stage and to actively manage our portfolio.  We are very pleased to see that a significant number of our portfolio companies have become star performers led by outstanding management teams that continue to experience rapid growth and attract additional capital at significantly higher valuations.  We look forward to further positive revaluations across our portfolio during 2019.

 

"Following the realisation of Wrike, we are now well capitalised to take advantage of the significant number of opportunities available to us and I look forward to keep shareholders updated on our progress."

 

The Company's Annual General Meeting will be held on 30 July 2019 at Queensway House, Hilgrove Street, St Helier, Jersey JE1 1ES at 14:30 (BST).

 

Copies of the Annual Report and Accounts for the year ended 31 December 2018 and Notice of AGM will shortly be available on the Company's website at www.tmtinvestments.com.

 

 

 

For further information contact:

 

TMT Investments PLC

Alexander Selegenev

Executive Director

www.tmtinvestments.com

 

+44 (0)1534 281 800

(Computershare - Company Secretary)

 

[email protected]

 

Strand Hanson Limited (Nominated Adviser)

Richard Tulloch / James Dance / Eric Allan

 

+44 (0)20 7409 3494

Hybridan LLP (Broker)

Claire Louise Noyce

 

+44 20 3764 2341

Kinlan Communications

David Hothersall

+44 20 7638 3435

[email protected]

 

About TMT Investments PLC

 

TMT Investments PLC invests in high-growth technology companies across a number of core specialist sectors and has a significant number of Silicon Valley investments in its portfolio. Founded in 2010, TMT has invested in over 45 companies to date and has latest announced net assets of US$90m.  The Company's objective is to generate an attractive rate of return for shareholders, predominantly through capital appreciation.  The Company is traded on the AIM market of the London Stock Exchange. www.tmtinvestments.com.

 

 

 

ABOUT TMT INVESTMENTS

 

TMT Investments Plc ("TMT" or "the Company") provides its shareholders with access to a diversified portfolio of companies in the TMT (technology, media and telecommunications) sector.

 

We are passionate about our work.  Members of our team have been investing in and building start-ups since the 1990s, and we are experienced in the challenges many founders and entrepreneurs face.  We are therefore highly selective in our investments, leveraging the team's collective experience to identify the best risk/reward entry point when making an investment.

 

When we joined the AIM market of the London Stock Exchange in December 2010, we were one of the first publicly traded venture capital vehicles in the UK to provide investors with access to the universe of high-growth international private technology companies.

 

Since then, we have invested in over 45 companies and realised 12 profitable full and partial exits.  We were one of the earliest investors into some of our most successful companies, including Wrike, Bolt (previously called Taxify) and Pipedrive.

 

Experienced investors

We are a team of experienced investors: our team has been investing in and building start-ups since the 1990s.  We are proud to leverage this experience to identify and invest in companies at a relatively early stage of their development, with a number having achieved significant growth and returns for investors.  Identifying and investing in such companies at an early stage, before they have fully proven themselves, is not easy though it has the potential to generate significant returns as evidenced by our recent exit from Wrike, which generated a return of 23 times on our initial investment.  This is the value we bring to our shareholders: using our years of experience to identify and execute investments capable of generating significant returns for shareholders, whilst seeking to minimise risks.

 

Global investors

We are global investors and have no restrictions on where we invest.  Our key investment criteria include the requirement that companies have a business model that is globally scalable and are led by a management team, with the resilience and ability to execute in high-growth environments.  To date, we have largely invested in companies that are headquartered in the US and operate globally but we continue to scrutinise investment opportunities globally, regardless of location.

 

Specialist investors

Investing in private companies in the TMT sector requires a specialist set of skills and investment approach, in contrast to investing in publicly listed companies.  Information on private companies is typically much scarcer than for publicly listed companies, especially at an early stage of their development, and requires a dedicated and specialist investment process that includes other factors.  Our proprietary four-filter investment process is specially designed to reduce risk and identify the best opportunities in early-stage investing. 

 

TMT AS A PUBLIC COMPANY

 

Investors who invest in private companies directly typically face less liquidity when it comes to exiting their investment compared to those in publicly traded companies. Investors wishing to exit from their investment in a private company will need to identify current shareholders who are willing to acquire more shares, or new investors. Some private companies may have additional restriction on new investors.  Other suitable exit events could include a potential sale to an acquirer or a listing on a stock exchange, neither of which can be guaranteed, and may require agreement among major shareholders.

 

TMT was established to solve this problem by providing investors with the daily liquidity that a publicly traded company offers, whilst providing access to a diversified portfolio of high-growth, private companies in the TMT sector.

 

Investing in private companies requires a specialist skill set, access to companies and extensive research.  Our shareholders trust in us to build and manage a diversified portfolio of high-growth technology companies.  For the last five years, our NAV-based IRR (internal rate of return) has been 20% per annum.

 

Benefits of investing via TMT

·    Liquidity - investing via publicly traded TMT shares provides shareholders with venture capital exposure combined with the benefits of publicly traded liquidity

·    Diversification - access to a diversified portfolio of high-growth, private companies in the TMT sector

·    Rare exposure - most successful start-ups move to their next level of financing and revenues within just one to two years, at which point they become practically inaccessible to private investors until such time as they subsequently undertake a listing/IPO

·    Experience - TMT's shareholders benefit from the experience of a specialist investment team with a track record of success

 

OUR INVESTMENT STRATEGY

 

Through our investment criteria, TMT seeks to identify companies that have, amongst other features:

 

·   Competent and motivated management founders - managing high-growth companies requires a rare combination of skills

·   High growth potential - companies with a product or service that can be scaled up globally

·   Growth stage - we highly favour investing in companies that are already generating revenues (we have a typical minimum revenue threshold of US$50,000 per month)

·   Viable exit opportunities - when we invest, we are already assessing potential exit scenarios

 

We invest in our core sectors.  TMT currently focuses on identifying attractive investment opportunities in the following segments of the TMT sector:

 

·   Big data and cloud solutions

·   SaaS tools

·   e-commerce

·   Marketplaces

 

Whilst we focus our attention on these segments, we are not constrained to these segments and will consider making investments throughout the TMT sector. 

 

We invest globally:

 

The Company is not geographically restricted in terms of where it can invest.  It will consider any geographical area, to the extent that the investment fits within the Company's investment criteria.

 

Our investment selection process

 

Our investment selection process is based on analysing companies through our four-filter process.  Our tried and tested process is the fruit of our extensive hands-on experience in building and growing start-ups combined with analysing key operational and financial metrics. 

 

Preliminary filter

 

The basic filter ensures that we are comfortable with the company's segment within the TMT sector, growth stage, the market trends in which it operates, and its exit potential.

 

Numbers filter

 

The numbers filter analyses a company's financial performance, operational metrics and fundraising terms, considering our assessment of the company's competitive landscape. 

 

Product filter

 

We analyse the company's product from a customer's perspective, including user experience, by drawing on our experience of assessing competing products as part of the investment selection process.

 

 

 

People filter

 

Managing a company in high growth or hyper growth scenarios requires a rare combination of high levels of resilience, organisation and commercial acumen, amongst others.  We interview the company's founders to identify these abilities, drawing upon our experience of working with hundreds of start-up company management teams.

 

Post-investment engagement

 

We have funded over 45 companies since inception.  Our engagement with companies continues after our investment, and is tailored to each company's needs and size, including attending investee board meetings, facilitating introductions to new investors, providing strategic advice and exploring synergies with partner companies, including TMT's portfolio companies.

 

Investment radar

 

Companies that have successfully passed through the majority of the filters though not received investment from us, are added to our investment radar, whereby we monitor their development for possible future investment.

 

INVESTING POLICY

 

The Company's objective is to generate an attractive rate of return for shareholders, predominantly through capital appreciation, by taking advantage of opportunities to invest in the TMT sector. The Company aims to provide equity, debt, and equity-related investment capital, such as convertible loans, to private companies which are seeking capital for growth and development, consolidation or acquisition, or as pre-IPO financing. In addition, the Company may invest in "digital assets" defined as an electronically stored right or title to digital or non-digital property or service, including but not limited to intellectual property, software, or cryptocurrencies. In addition, the Company may invest in publicly traded equities which have securities listed on a stock exchange or over-the-counter market. These investments may be in combination with additional debt or equity-related financing, and in appropriate circumstances in collaboration with other value added financial and/or strategic investors. The Company is not geographically restricted in terms of where it will consider making investments. It will consider any geographical area, to the extent that the investment fits within the Company's investment criteria. The Directors and senior managers have the relevant expertise to invest in the TMT sector, whether through equity, debt, or other equity related investment capital and in "digital assets" (including cryptocurrencies). This will include investments in small and mid-sized private companies. The Company will not be subject to any borrowing or leveraging limits.

 

Private Companies

The Company will target small and mid-sized companies and will seek to secure at least blocking stakes and board representation, where it considers that the Company and/or an investee company would benefit from such an appointment. The Company will consider making equity investments in lower than blocking stakes only where it sees ways to increase the stakes to blocking or controlling stakes at a later date. Each investment is expected to be at least US$250,000. The investments targeted by the Company will aim to support rapidly growing private companies to increase market share and achieve long-term shareholder value. If the Company invested in a private company prior to that company listing on a stock market, the Company may retain a part of its investment in the listed entity going forward. Wherever appropriate, the Company intends to work closely with the management of each investee company to create value by focusing on driving growth through revenue creation, margin enhancement and extracting cost efficiencies, as well as implementing appropriate capital structures to enhance returns.

 

Public Companies

When investing in public equities, the Company will seek to select companies with a dominant market share or strong growth potential in their respective segments. No restrictions will be placed on the size of public companies in which the Company may make an investment. The Directors intend to make investments in companies or assets with attractive valuation, growth potential, and competent and motivated management.

 

Realisation of Returns

The Directors will, when appropriate, consider how best to realise value for Shareholders whether through a trade sale, flotation or secondary refinancing of the investee companies. The proposed exit route will form a key consideration of the initial investment analysis. The Company expects to derive returns on investments principally through long-term capital gains and/or the payment of dividends by investees. The primary ways in which the Company expects to realise these returns include: (a) the sale or merger of a company; (b) the sale of securities of a company by means of public or private offerings; and (c) the disposal of public equity investments through the stock exchanges on which they are listed. For private investee companies the Company believes that its typical investment holding period should provide sufficient time for investee companies to adequately benefit from the capital and operational improvements resulting from the Company's investment. The targeted holding period shall be reviewed on a regular basis by the Company, but it is expected that this will typically be between two to four years. For public equities the Company's objective is to maximise capital appreciation. Following the acquisition, the Company will continue to monitor the investment. Importance will be placed on the timing of any disposal which will follow a thorough review of market conditions and those reports and sources that are available to investors. Should the Company consider that the capital appreciation of a particular public equity investment has reached its peak or is likely to or has begun to decline, then the Company will consider the sale of that investment.

 

 

 

EXECUTIVE DIRECTOR'S STATEMENT

 

2018 was another successful year for the Company, with a number of significant revaluations and cash realisations across our portfolio.  As a result, TMT's net asset value ("NAV") per share as of 31 December 2018 increased to US$3.09 (up 27.3% from US$2.43 as of 31 December 2017). 

 

The Company' net asset value benefited significantly from increased revaluations in two of its holdings: Bolt (previously called Taxify), the global ride-hailing and transportation company, and Wrike Inc. ("Wrike"), the collaborative work platform.

 

As announced on 30 May 2018, Bolt, a leading international ride-hailing company (www.bolt.eu), completed a US$175 million funding round led by global automotive leader Daimler AG.  European venture capital fund, Korelya Capital, and TransferWise's co-founder, Taavet Hinrikus, joined Didi Chuxing and a number of Bolt's existing shareholders in the round, which valued Bolt at US$1.0 billion.  This resulted in a significant revaluation uplift of TMT's investment in Bolt of US$13.3 million (or 350%) to US$17.1 million.

 

In November 2018, Wrike announced a majority investment from Vista Equity Partners and on 31 December 2018, the Company entered into an agreement with Vista to dispose of its interest in Wrike for a total consideration of US$22.6 million (adjusted), resulting in a significant increase in Wrike's fair value as at 31 December 2018.  In January 2019, the Company confirmed receipt of the initial net consideration of US$22.3 million for the disposal of its shareholding in Wrike.  The Wrike exit generated a total return of over 23 times on our original investment of US$1.0 million, when we became Wrike's first institutional investor in 2012.  The exit from Wrike represents our largest cash realisation since the Company's inception and demonstrates our ability to identify high-growth companies that will generate significant value for our shareholders.

 

Both Bolt and Wrike demonstrate the outsize returns that well researched, earlier stage investing can generate.

 

In March 2018, the Company also raised US$3.5 million (before expenses) from new and existing shareholders, to fund further investments.

 

NAV per share

 

The Company's net asset value ("NAV") per share in 2018 increased 27.3% to US$3.09 (31 December 2017: US$2.43).  This was mainly on the back of significant revaluations during the year for Bolt and Wrike as outlined above and after taking account of our prudent approach to writing down poorly performing investments.  If, pursuant to the Bonus Plan, the bonus attributable to the NAV increase from 1 July 2018 to 31 December 2018 had been accrued for during the period, it would have resulted in an additional bonus charge of approximately US$0.02 per share as at 31 December 2018.

 

Operating Expenses

 

In 2018, the Company's administrative expenses of US$1,200,045 were above the 2017 levels (US$1,039,957), primarily due to the additional fees related to the Company's equity fundraise in March 2018, appointment of a new Nomad in October 2018, QCA/Corporate Governance requirements and currency exchange fluctuations.

 

Financial position

 

On 29 March 2018, the Company announced that it had raised US$3.5 million (before expenses) from new and existing shareholders, at a price of US$2.43 per share.

 

Disposals of TMT's stakes in Wrike and Pipedrive further improved the Company's liquidity position.

 

As of 31 December 2018, the Company had no financial debt and cash reserves of approximately US$3.3 million.  Following receipt of the initial consideration of US$22.3 million from the disposal of Wrike and following a number of investments made since in 2019, as at 26 June 2019, the Company had cash reserves of approximately US$22.2 million.

 

 

 

Bonus Plan

 

In June 2018, the Company extended its bonus plan for the next three years (until 30 June 2021) on the same terms as the original bonus plan introduced in 2015, with slightly amended initial allocations of the bonus pool among the current participants, being directors, officers, employees of, or consultants to, the Company.  Under the Bonus Plan, subject to achieving minimum hurdle rate and high watermark conditions in respect of the Company's NAV, the team receives an annual cash bonus equal to 7.5% of the net increases in the Company's NAV, adjusted for any changes in the Company's equity capital resulting from issuance of new shares, dividends, share buy-backs or similar corporate transactions in each relevant year.  The Company's bonus year runs from 1 July to 30 June.

 

Updated Announcement Policy

 

In the context of the Company's continuing growth, the Company has decided to update its policy for the announcement of new investments, disposals and other portfolio developments (the "Announcement Policy").  In the future, any single investment or disposal (including a follow-on investment or partial disposal) representing less than 3% of the Company's net assets, will not be considered price-sensitive.  For the avoidance of doubt, the Company will announce portfolio developments of any size, if they are deemed price-sensitive for reasons other than size under the AIM Rules.

 

Outlook

 

We are delighted with our portfolio company performance in 2018, especially from Bolt, which has now become the first "unicorn" in our portfolio, and Wrike, which has become the Company's largest cash exit to date.

 

As a result of the performance, the Board believes that the Company is increasingly being recognised as one of very few AIM quoted vehicles providing investors with exposure to earlier stage, primarily US-based, tech companies, and we were pleased to welcome a UK institutional investor as well as other new professional investors to the register in March 2018 as part of the fundraise.

 

The proceeds of the recent disposal of our Wrike investment are being directed towards investing in additional exciting companies that meet our investment criteria of having outstanding management teams and globally scalable business models and we have made 3 new investments so far in 2019.  The Directors continue to review the Company's investment pipeline and depending on capital utilisation following the Wrike realisation, may consider distributing some of the proceeds in the form of a special dividend.  The Company will keep shareholders updated in this regard.

 

TMT has now invested in over 45 companies since its admission to AIM in December 2010 and has a diversified portfolio of over 25 investments focused primarily on big data/cloud, e-commerce, SaaS (software-as-a-service) and marketplaces.  We continue to see exciting investment and exit opportunities in our chosen sectors, and expect to complete a number of new investments in the second half of 2019.  We look forward to updating our shareholders on the Company's progress in the near future.

 

Alexander Selegenev

Executive Director

26 June 2019

 

 

 

WRIKE CASE STUDY

 

Our investment in and exit from Wrike demonstrates the outsize returns that can be generated from identifying an outstanding company with exceptional management at an early stage of its development.  We were Wrike's first institutional investor in 2012 and as Wrike's success began to draw attention, it raised additional funding at higher valuations from Bain Capital Partners and Scale Venture Partners.  In November 2018, Wrike announced a majority investment from Vista Equity Partners, a large, specialist US private equity firm.  By the end of 2018, Wrike was being used by over 17,000 organisations, with 1 million users in 130 countries.

 

Wrike met our key investment criteria, operating in the B2B software sector and ability to scale up globally:

 

·    Competent and motivated management founders - Andrey Filev, founder and CEO, launched his first IT start-up at the age of 17.  He founded Wrike in 2006 and before it had received is first investments, had already signed-up eBay, T-Mobile, Adobe and Salesforce.

 

·    High growth potential and proven revenue growth - Wrike demonstrated tremendous scaling potential by building a powerful business development juggernaut, leading to high revenue growth.  Whilst a strong product or service is very important for a start-up's success, our job as investors is to closely assess how this translates into high revenue growth.

 

·    Viable exit opportunities - the quality of Wrike's management, their focus on growth and the high levels of M&A activity in the B2B software sector meant the company had an above average likelihood of becoming a potential take-over candidate.

 

PORTFOLIO DEVELOPMENTS

 

The companies in TMT's portfolio are at various stages of development: early, growth and expansion.  As such, they attract investment or can be acquired at a variety of valuation levels depending on their stage of growth and demand from investors or acquirers, amongst other factors.

 

In 2018, two of our fastest growing companies attracted multi-million dollar investments: global ride-hailing company Bolt received a US$175 million investment, and collaborative work platform Wrike agreed a majority investment from Vista Equity Partners.  Bolt and Wrike are good examples of companies that have scaled up globally and attracted large sums of investment in a relatively short period of time.  We were one of their earliest institutional investors in both companies, having first invested in Wrike in 2012 and in Bolt in 2014, thereby providing early access to TMT's investors to such investments that the Board believes would not otherwise be readily available to them.  Both of these investments have demonstrated the outsize returns that well-researched, earlier stage investing can generate.

 

 

 

Portfolio Performance

 

The following developments had an impact on and are reflected in the Company's NAV and/or financial statements as at 31 December 2018 in accordance with applicable accounting standards:

 

Full and partial cash exits, and positive non-cash revaluations:

 

·    In April 2018, IoT (Internet of Things) solutions provider Remot3.it (www.remot3.it) completed an additional equity capital raise, triggering conversion of TMT's convertible note in Remot3.it.  The transaction represented a revaluation uplift of US$8.835 (or 1.2%) in the fair value of TMT's investment in Remot3.it, compared to the previous reported amount as of 31 December 2017.

 

·    As announced on 30 May 2018, Bolt, a leading international ride-hailing company (www.bolt.eu) formerly known as Taxify, completed a US$175 million funding round led by global automotive leader Daimler AG.  European venture capital fund Korelya Capital and TransferWise's co-founder Taavet Hinrikus joined Didi Chuxing and a number of Bolt's other existing shareholders in the round that brought Bolt's valuation to US$1 billion.  Daimler also joined Bolt's board.  The transaction represented a revaluation uplift of US$13.30 million (or 350%) in the fair value of TMT's investment in Bolt, compared to the previous reported amount as of 31 December 2017.

 

·    As announced on 30 May 2018, TMT sold a small part of its holding in Pipedrive, a leading sales CRM (Customer Relationship Management) software provider (www.pipedrive.com), for a total consideration of US$2.0 million.  The transaction represented a revaluation uplift of US$3.14 million (or 34.4%) in the fair value of TMT's remaining interest in Pipedrive, compared to the previous reported amount as of 31 December 2017.

 

·    In June 2018, wine subscription service Vinebox (www.getvinebox.com) completed a new equity capital round.  The transaction represented a revaluation uplift of US$150,015 (or 50%) in the fair value of TMT's investment in Vinebox, compared to the previous reported amount as of 31 December 2017.

 

·    In July 2018, the Company invested US$100,000 in FriendlyData (www.friendlydata.io), a natural language search interface for enterprise data. In October 2018, FriendlyData was acquired by NYSE-traded ServiceNow (NYSE: NOW).  The transaction represented a cash profit of US$30,000 (or 30%) on TMT's investment in FriendlyData, thus making it the quickest profitable exit for the Company to date.

 

·    In December 2018, as announced on 2 January 2019, TMT entered into an agreement with Vista Equity Partners to dispose of its entire holding in collaborative work management platform Wrike (www.wrike.com) for a total net cash consideration of US$22.6 million (adjusted) (with approximately US$0.3 million of this amount being deferred consideration that will be payable subject to certain adjustments over a period of 18 months).  The total consideration represented a substantial valuation uplift of US$14.2 million (or 170%) in the fair value of TMT's investment in Wrike, compared to the previous reported amount as of 31 December 2017.

 

·    In February 2019, the Company sold its entire investment in The IRApp, Inc. (www.theirapp.com) for a total net cash consideration of US$547,972.  The transaction represented a revaluation uplift of US$247,972 (or 82.7%) in the fair value of TMT's investment in the IRApp, compared to the previous reported amount as of 31 December 2017.

 

Negative non-cash revaluations:

 

·    As announced on 30 May 2018, Scentbird, a subscription-based service for luxury fragrances and other beauty products (www.scentbird.com), completed a further funding round to raise US$18.6 million from a group of investors led by Goodwater Capital, the consumer technology investment firm, and included Y Combinator, Rainfall Ventures, FundersClub, Soma Capital, Scrum Ventures, ERA, and others. The transaction represented a reduction of US$3.67 million in the fair value of TMT's investment in Scentbird, compared to the previous reported amount as of 31 December 2017.

 

·    As announced on 2 January 2019, TMT continues to exercise a diligent impairment policy, with the Company's management using its discretion to impair individual portfolio companies based on their perceived prospects, even in the absence of formal transactions.  Accordingly, TMT decided to impair its investment in Wanelo, the online curated shopping mall (www.wanelo.com), by 66% to more accurately reflect Wanelo's likely current valuation.  This represented a reduction of approximately US$3.5 million in the fair value of TMT's investment in Wanelo, compared to the previous reported amount as of 31 December 2017.  Having originally invested only US$350,000 in Wanelo in 2011, the new impaired value of US$1.8 million still represents significant potential upside for TMT.

 

The following of the Company's portfolio investments were also negatively revalued in 2018:

 

Portfolio Company

Write-down amount (US$)

Reduction as % of fair value reported as of 31 Dec 2018

Reasons for write-down

Adinch

300,000

100%

Final write-down of the previously revalued investment; Board's assessment of value

Favim

127,525

100%

Final write-down of the previously revalued investment; Board's assessment of value

Ninua

250,000

100%

Final write-down of the previously revalued investment; Board's assessment of value

Oriense

59,096

100%

Lack of progress; Board's assessment of value

RollApp*

627,240

100%

Lack of progress; Board's assessment of value

Try The World

18,250

100%

Final write-down of the previously revalued investment; company is in liquidation

Unicell

475,088

32.7%

Ongoing transaction

UsingMiles

29,273

100%

Final write-down of the previously revalued investment; Board's assessment of value

 

* including the outstanding loan and accumulated interest payable to TMT.

 

Key developments for the five largest portfolio holdings in 2018 (source: TMT's portfolio companies):

 

Bolt (ride-hailing service):

·    Active in over 70 cities over the world (from "over 30" cities as of 31 December 2017)

·    Continuing triple-digit growth in revenue and number of users

·    Raised US$175 million from Daimler AG and others, valuing it at US$1.0 billion

 

Depositphotos (stock photo marketplace):

·    Continuing double-digit growth in revenue and number of files in the photobank

·    New graphic design software product Crello growing fast in both users and revenue

 

Backblaze (online data backup and cloud storage provider):

·    Continuing double-digit growth in revenues, exceeding 500,000 paying customers

·    "B2" cloud storage revenue grew at nearly 400% year-on-year

 

Pipedrive (sales CRM software):

·    Continuing double-digit growth in revenue and number of paid accounts

·    Over 85,000 paying customers (from "over 70,000" as of 31 December 2017)

 

Scentbird (perfume and other beauty product subscription service):

·    Continuing double-digit growth in revenue and number of customers

·    Over 250,000 subscribers (from "over 200,000" as of 31 December 2017)

·    Raised US$18.7 million in a new equity round

 

 

 

New investments

 

In 2018, the Company made the following investments:

 

·    US$300,000 prepayment for Telegram's tokens, as part of the pre-ICO (Initial Coin Offering) conducted by Telegram Group, Inc.  The tokens are still to be issued.

·    An additional US$300,000 in cloud-based PC emulator Sixa (www.sixa.io)

·    US$100,000 in FriendlyData (www.friendlydata.io), a natural language search interface for enterprise data.  FriendlyData was acquired by NYSE-traded ServiceNow (NYSE: NOW) in October 2018

·    US$234,200 in online farm management software platform eAgronom (www.eagronom.com)

·    US$300,000 in Spinbackup, a SaaS backup and security solutions provider (www.spinbackup.com)

 

Events after the reporting period

 

Further to the Company's announcement of 2 January 2019 regarding the disposal of its entire holding in Wrike, on 11 January 2019 the Company confirmed receipt of the initial net consideration of US$22.3 million.  In April 2019, the Company received a further net cash consideration of US$54,414 in respect of the US$0.3 million deferred consideration.

 

In January 2019, the Company invested US$200,000 in Central American on-demand delivery service Hugo (www.hugoapp.com).

 

In February 2019, the Company received a total net cash consideration of US$547,972 for the disposal of its entire investment in The IRApp, Inc.

 

As announced on 26 February 2019, the Company invested US$2 million in MEL Science, an educational start-up focused on early science education, with a combination of modern technologies and hands-on experience.  The company's main current products are monthly subscription to chemistry kits, and chemistry VR lessons for schools (www.melscience.com).

 

In June 2019, the Company invested £200,000 in UK InsurTech and HealthTech company HealthyHealth (www.healthyhealth.uk).

 

In June 2019, the Company's portfolio company PandaDoc, a document automation SaaS provider (www.pandadoc.com), completed a new equity funding round.  The transaction represents a revaluation uplift of US$0.98 million (or 79.5%) in the fair value of TMT's investment in PandaDoc, compared to the latest reported amount as of 31 December 2018.

 

These events after the reporting period are not reflected in the NAV and/or the financial statements as at 31 December 2018.

 

 

 

INVESTMENT PORTFOLIO

 

The Company's ten largest portfolio investments (as of 31 December 2018) were as follows:

 

Portfolio Company Name

Fair value (US$), as of 31 December 2018

as % of total portfolio value

Bolt

17,094,470

26.34

Depositphotos

10,836,105

16.70

Backblaze

10,533,334

16.23

Pipedrive

10,257,098

15.81

Scentbird

3,340,404

5.15

LeTote

1,997,073

3.08

Wanelo

1,825,596

2.81

PandaDoc

1,233,770

1.90

Anews

1,000,000

1.54

Unicell

980,000

1.51

Other

5,792,294

8.93

 

BOARD OF DIRECTORS

 

Yuri Mostovoy, Non-Executive Chairman

Yuri Mostovoy was appointed to the Board in June 2011. Yuri brings over 36 years expertise in investment banking, software development and business to his role as Chairman of the Company. Yuri completed his PhD program at the Moscow Aviation Institute in 1972 and has a MSc in Electrical Engineering from that same institution. Yuri has held a number of previous Board positions at a number of companies and brings this experience to the Board. He has been involved in a number of internet start-ups in areas of medical devices, software development, and social media.

 

Yuri Mostovoy is actively involved in the start-up investment community, especially in some of the tech hubs in the USA, meeting with technological companies seeking investments on a regular basis. Through this process of direct contact with investee companies, Yuri keeps updated on sector developments.

 

Alexander Selegenev, Executive Director

Alexander Selegenev was appointed to the Board in December 2010. The Executive Director has the responsibility of leading the business and the executive management team, ensuring that strategic and commercial objectives are met. Alexander has over 20 years of experience in investment banking and venture capital, with specific expertise in international corporate finance, equity capital markets and mergers and acquisitions at a number of City of London firms including Teather & Greenwood Limited, Daiwa Securities SMBC Europe Limited and Sumitomo Bank Limited.  Throughout his career he worked on a large number of AIM IPOs and private equity and merger and acquisition transactions.  He has an MSc (Hons) and a BSc (Hons) in Business from the Peoples' Friendship University of Russia in Moscow and a Bachelor of Business Studies (Major in Management) from Monash International University in Australia.  He brings strong experience of working with public markets.  Alexander's public markets and financial experience make him an ideal conduit to engaging with the Company's Nomad, investors and other advisers, and make him an effective link between the Board and the Company's other team members.

 

Alexander Selegenev is an active member of the Company's investment committee, allowing him to keep very close to developments and current thinking on new technologies, market trends, company valuations and fund raising activities.

 

Alexander Selegenev is a member of the Company's Nomination Committee.

 

James Mullins, Non-Executive director

James Mullins was appointed to the Board in December 2010. He brings to the Company a strong combination of accountancy, experience of working with public markets and institutional investors. James, with his financial background, provides the experience required as chairman of the audit committee to challenge the business internally and also the Group auditors. From 2004 to 2007, he was the Finance Director at Rambler Media and was involved in its successful admission on AIM and subsequent sale. He has been a director of numerous funds and companies including the Russian Federation First Mercantile Fund. This Fund (Class A shares) is listed on the Bermuda Stock Exchange. He was previously a partner in First Mercantile and FM Asset Management Ltd. He previously worked for PricewaterhouseCoopers, Deloitte and British Coal where he was a national investment manager. He was recently Chairman of the Scottish Salmon Company, which is listed on the Oslo Bors. James is a Fellow of the Association of Chartered Certified Accountants and he holds a Bachelor of Science degree and a Master of Arts degree from Trinity College, Dublin. James is also an active entrepreneur and investor.

 

James Mullins serves as Chairman of the Audit, Remuneration and Nomination Committees.

 

James Mullins has recently completed an online course with University of Oxford Said Business School entitled Oxford Blockchain Strategy Programme.

 

Petr Lanin, Non-Executive director

Petr Lanin was appointed to the Board in December 2010. Petr brings his experience in investment and brokerage to his position as independent non-executive director. His experience in investments allow him to review and challenge decisions and opportunities presented both within the formal arena of the Boardroom and as called upon when needed by senior management.

 

He began his career as an equity analyst in the Russian information agency RosBusinessConsulting ("RBC") in 1995. Between 1996-2000 he served as head of the equities trading department in Makprombank. Between 2000 and 2006 he held the position of general director of investment company Maxwell Capital. Following his appointment as general director of Maxwell Asset Management in 2003, Mr. Lanin was key in the establishment and management of many investment funds. He was also one of the managing directors of venture capital fund Maxwell Biotech, which was a closed mutual fund set up and operated by Maxwell Asset Management. In 2008, Maxwell Asset Management established a UK FSA registered subsidiary in which Petr Lanin held a controlled function. At present, Petr heads the Purchases and Supply Department of Federal State Organisation "Clinical hospital #1". Petr holds an MBA degree in finance and credit from the Plekhanov Russian Academy of Economics.

 

Petr Lanin is a member of the Company's Audit and Remuneration Committees.

 

 

 

CORPORATE GOVERNANCE

 

Introduction

 

The Board of the Company fully endorses the importance of good corporate governance and has adopted the 2018 Quoted Companies Alliance Corporate Governance Code for Small and Mid-Sized Companies (the "QCA Code"), which the Board believes to be the most appropriate corporate governance code given the Company's size, stage of development and that its shares are admitted to trading on AIM. The QCA Code is a practical, outcome-oriented approach to corporate governance that is tailored for small and mid-size quoted companies in the UK and which provides the Company with the framework and effective oversight to help ensure that a strong level of governance is maintained.

 

Chairman's Corporate governance statement

 

Dear Shareholder,

 

As Chairman, it remains my responsibility, working with my fellow Board colleagues, to ensure that good standards of corporate governance are embraced throughout the Company. I am therefore pleased to report that, in accordance with the revisions made to the AIM Rules for Companies effective 28 September 2018, the Board chose to adopt the QCA Code with immediate effect.

 

The adoption of the QCA Code supports the Company's success by creating and supporting a strong corporate governance environment for the benefit of the Company, its shareholders and its stakeholders.

 

The Board is committed to good governance across the business, at executive level and throughout its operations and we believe that the QCA Code provides us with the right governance framework: a flexible but rigorous outcome-oriented environment in which we can continue to develop our governance model to support our business. The Company applies the QCA Code by seeking to address all of its requirements and ensuring that the QCA Code is embedded in the Company's operations and corporate culture.

 

As Chairman, I am responsible for leading an effective Board, fostering a good corporate governance culture, maintaining open communications with shareholders and ensuring appropriate strategic focus and direction for the Company.

 

The Board not only sets expectations for the business but works towards ensuring that strong values are set and carried out by the Directors across the business. The Company's corporate culture is based on the three values of transparency, innovation and continuous improvement. These three values support the Company's objectives, strategy and business model.

 

Transparency is fundamental to us as a publicly quoted company that provides investors with a liquid route to investing in private companies. The Company therefore endorses a culture of transparency and seeks to provide investors with as much information as is practically possible regarding its portfolio investments and its own operations as a company.

 

Innovation supports the Company's objective of investing in successful, long-term companies that have innovation at the core of their own business model. At the same time, the Company seeks to apply an innovative approach to how it manages its own operations. The Company therefore seeks to review its operations and capabilities on an ongoing basis to ensure it can continue to successfully operate as an investing company and make best use of its range of capabilities.

 

Continuous improvement reflects the Company's objective of assessing its own performance and identifying areas for improvement across its investment processes and operations on an ongoing basis.

 

We place a special focus on monitoring and promoting a healthy corporate culture, which the Company currently enjoys. Nevertheless, there is always room for improvement and we will continue to pursue programmes that keep us advancing in this regard.

 

The importance of engaging with our shareholders underpins the essence of the business, and we welcome investors' continued engagement with both the Board and executive team.

 

In the statements that follow, we explain our approach to corporate governance, how the Board and its committees operate, and how we seek to comply with the QCA's 10 principles.

 

Yuri Mostovoy

Chairman

 

PRINCIPLE 1

 

ESTABLISH A STRATEGY AND BUSINESS MODEL WHICH PROMOTE LONG-TERM VALUE FOR SHAREHOLDERS

 

The Company has been established for the purpose of making investments in the Technology, Media and Telecommunications sector ("TMT sector") where the Directors believe there is potential for growth and the creation of shareholder value.

 

Investment Strategy

 

TMT currently focuses on identifying attractive investment opportunities in the following segments of the TMT sector:

 

·        Big data and cloud solutions

·        Software-as-a-service (SaaS)

·        E-commerce

·        Marketplaces

 

Among other features, TMT seeks to identify companies that have:

 

·        Competent and motivated management founders - managing high-growth companies requires a rare combination of skills

·        High growth potential - companies with a product or service that can be scaled up globally

·        Growth stage - we highly favour investing in companies that are already generating revenues (we have a typical minimum revenue threshold of US$50,000 per month)

·        Viable exit opportunities - when we invest, we are already assessing potential exit scenarios

 

The Company has identified a number of challenges in executing its strategy. We describe these risks and how we manage them in Principle 4.

 

The Company believes it is well placed to deliver shareholder value in the medium and long-term through the application of its business model, investment strategy and risk mitigation measures, as described in this document.

 

PRINCIPLE 2

 

SEEK TO UNDERSTAND AND MEET SHAREHOLDER NEEDS AND EXPECTATIONS

 

The Company places great importance on communication with shareholders and potential investors, which it undertakes through a variety of channels, including the annual reports and accounts, interim accounts, and regulatory announcements which are available on the Company's website www.tmtinvestments.com. On request, hard copies of the Company's reports and accounts can be mailed to shareholders and other parties who have an interest in the Company's performance.

 

The Directors review the Company's investment strategy on an ongoing basis. Any material change to the Investing Policy will be subject to the prior consent of the shareholders in a general meeting.

 

Developing a good understanding of the needs and expectations of all elements of the Company's shareholder base is fundamental to the Company's progress. The Company has developed a number of initiatives that it holds on a regular basis to meet this need. As part of its regular dialogue with shareholders, the Company seeks to understand the motivations behind shareholder voting decisions as well as manage shareholders' expectations.

 

The Company's shareholder base has grown in numbers as well as become more diversified since its admission to AIM in December 2010. The Company's shareholder base is comprised of institutional investors, family offices, high net worth individuals and retail investors.

 

In addition to communicating with shareholders through the Company's annual reports, interim results, regulatory announcements, and the opportunity for shareholders to engage with the Company at the AGM, the Company's broker and other advisors arrange regular meetings with UK institutional investors and private client brokers, to introduce the Company and its investment strategy.

 

The Company has been increasing its engagement with retail investors by holding large private investor events arranged by the Company's public relations adviser. As part of these retail investor events, feedback surveys are provided to attendees. The feedback includes information on amount, type and quality of information provided, presentation div and areas of investor interest. Investor feedback collected is incorporated into the planning of future events on an ongoing basis. Interested parties are able to subscribe for notifications of such future events by contacting [email protected]

 

In addition, the Company engages with the financial media on a regular basis in order to generate interest among a wider number of potential shareholders.

 

The Company has recently launched a new Company website, with the aim of increasing shareholder engagement and better meet shareholders' information needs.

 

Shareholder enquiries should be directed to Alexander Selegenev, Executive Director at [email protected], or to the Company's advisors, contact details for whom are included on the Company's web site.

 

PRINCIPLE 3

 

TAKE INTO ACCOUNT WIDER STAKEHOLDER AND SOCIAL RESPONSIBILITIES AND THEIR IMPLICATIONS FOR LONG-TERM SUCCESS

 

The Company's business model is that of a publicly quoted venture capital investing company investing in the TMT sector. As such, it relies on the continued growth of the TMT sector and access to good investment opportunities. In relation to its wider stakeholders, the Company needs to ensure that it:

 

·        Maintains a good reputation as a credible investor in its chosen investment sector;

·        Is fully compliant with all regulatory requirements;

·        Takes into account its wider stakeholders' needs; and

·        Takes into account its social responsibilities and their implications for long-term success.

 

The Company regards its employees, advisors, shareholders and investee companies, as well as the technology and start-up community, to be the core of the wider stakeholder group:

 

The technological and start-up community

 

The Company sources its investments from the global technological universe of companies. All members of the Company's team maintain good relationships with the global technological start-up community through arranging meetings with prospective investees, attending tech and tech investor events, and through ongoing building of their professional networks. This has led to a valuable level of accumulated tech knowledge and access to suitably attractive investments.

 

Professional advisors

 

The Company's professional advisors include its Nominated Advisor (Nomad), Broker, Accountants, Auditors, and Legal and Financial PR advisors. The Company works closely with its professional advisors to ensure that it is fully compliant with all regulatory requirements at all times.

 

 

 

Regulators

 

The Company is quoted on AIM and is subject to regulation by the London Stock Exchange. The Company is also subject to the UK City Code on Takeovers and Mergers.

 

Other suppliers

 

The Company has banking relationships in place to service its operations as well as a number of administrative and other suppliers, such as the Registrar and Company Secretary.

 

Internal stakeholders

 

The Company's workforce

 

The Company's investment performance relies on the retention and incentivisation of its directors, employees and consultants.

 

The Company has put in place a bonus plan ("Bonus Plan") for Directors, officers, employees of, or consultants to, the Company. This initial 3-year Bonus Plan was approved by the Board on 2 December 2015. Under the Bonus Plan, subject to achieving minimum hurdle rate and high watermark conditions in respect of the Company's net asset value ("NAV"), the team receives annual cash bonus equal to 7.5% of the net increases in the Company's NAV, adjusted for any changes in the Company's equity capital resulting from issuance of new shares, dividends, share buy-backs or similar corporate transactions in each relevant year. In June 2018, the Company extended its Bonus Plan for the next three years (until 30 June 2021) on the same terms, with slightly amended initial allocations of the Bonus Pool among the current participants.

 

The Company engages with its stakeholders during the course of its day to day activities, seeking feedback as the occasion arises. The Company evaluates feedback and assesses its incorporation into its decisions and actions and, if appropriate, its operations on an ongoing basis.  Details of the Company's most regular interactions with shareholders, through which the Company gains feedback from shareholders, are provided in the disclosures on Principle 2 above.

 

PRINCIPLE 4

 

Embed effective risk management, considering both opportunities and threats, throughout the organisation

 

The Directors are responsible for the Company's internal control framework and for reviewing its effectiveness. Each year the Board reviews all controls, including financial, operational and compliance controls and risk management procedures. The Directors are responsible for ensuring that the Company maintains a system of internal control to provide them with reasonable assurance regarding the reliability of financial information used within the business and for publication, and that assets are safeguarded. There are inherent limitations in any system of internal financial control. On the basis that such a system can only provide reasonable but not absolute assurance against material misstatement or loss, and that it relates only to the needs of the business at the time, the system as a whole was found by the Directors at the time of approving the accounts to be appropriate given the size of the business.

 

In determining what constitutes a sound system of internal controls the Board considers:

 

·        The nature and extent of the risks which they regard as acceptable for the Company to bear within its particular business;

·        The threat of such risks becoming reality;

·        The Company's ability to reduce the incidence and impact on its business if the risk crystallises; and

·        The costs and benefits resulting from operative relevant controls.

 

The Board has taken into account the relevant provisions of the QCA Code and associated guidance in formulating the systems and procedures which it has put in place. The Board is aware of the need to conduct regular risk assessments to identify the deficiencies in the controls currently operating over all aspects of the Company.

 

The Board regularly reviews the risks faced by the Company and ensures the mitigation strategies in place are the most effective and appropriate to the Company. There may be additional risks and uncertainties which are not known to the Board and there are risks and uncertainties which are currently deemed to be less material, which may also adversely impact performance. It is possible that several adverse events could occur and that the overall impact of these events would compound the possible impact on the Company. Any number of the below risks could materially adversely affect the Company's business, financial condition, results of operations and/or the market price of the ordinary shares.

 

The Company has identified the following principal risks in executing its strategy and addresses these in the following ways:

 

Key people risk

 

The Company's management team is relatively small in number and the resignation or unavailability of members of the management team could potentially have an effect on the performance of the Company.

 

Mitigation:

 

In order to mitigate this risk, the Company has put in place a Bonus Plan. The Company ensures that the databases it maintains for investment selection and monitoring are shared across the senior management team, reducing the possibility of the loss of information due to any one individual leaving or not being available.

 

The Company invests in early stage companies

 

Investing in early stage companies is inherently risky. These businesses may not successfully develop their technology or offering and may fail to secure the necessary funding and/or attract further investment and may lose key personnel, amongst other risks.

 

Mitigation:

 

The TMT team is experienced in investing in early stage technology companies and conducts extensive analysis through its four-filter investment process, as well as extensive due diligence on the companies before it makes any investment.

 

Portfolio valuation may be dominated by single or limited number of companies

 

The success or failure of companies in our portfolio in growing revenues and/or attracting further investment is likely to have a significant impact on their valuation, increasing or decreasing significantly.  These valuations are driven by market forces and are outside of our control.

 

Mitigation:

 

The Company has built and continues to build a diversified portfolio across its core investment sector, TMT. The Company also sells partial stakes from time to time in its more successful holdings in order to reinvest in other companies and/or keep the Company's portfolio appropriately balanced.

 

Large number of investment opportunities

 

The sectors in which the Company invests are characterised by large numbers of new companies being launched with similar business models and across many countries. The sheer multitude of companies can make identifying the best companies a challenge in terms of analysis, monitoring of performance before investing and the overall assessment of an investee's potential.

 

Mitigation:

 

Focusing on a small number of core segments within the TMT sector in which the Company has expertise and established professional networks, in order to benefit from its competitive information advantage.

 

Employing a filtering system that is designed to identify companies with the best potential to become scalable businesses with strong growth potential. A special emphasis is placed on assessing the exit opportunities for investments under consideration, taking into account sector trends, valuations, M&A trends and other relevant criteria.

 

Speed of technological change

 

Technological change is taking place at ever increasing tempos. The speed of technological innovation can make it harder to assess an investee company's potential, especially at an early stage of development.

 

Mitigation:

 

We address this challenge by typically investing in companies that are already generating revenue and therefore have a proven revenue generating business model at the time of the Company's initial investment.

 

Valuation of investments

 

The Company invests in companies that at times operate in very competitive sectors.  Given the nature of the companies we invest in, it is not likely that all will be a success. It is therefore inevitable that some investments will require impairment.

 

Mitigation:

 

To mitigate this risk, the Company reviews all its investments, as a minimum, every six months. For each of its portfolio companies, the Company maintains a database registering data provided by the portfolio companies that includes key performance indicators. Through this process, the Company actively monitors the performance of its portfolio and can affect fair value revaluations as required, whilst remaining focussed on managing a portfolio of growing companies.

 

The Company has a small number of shareholders who hold a large proportion of the total share capital of the Company

 

The decision by one or more of these shareholders to dispose of their holding in the Company may have an adverse effect on the Company's share price.

 

Mitigation

 

The Company seeks to build a mutual understanding of objectives between itself and its shareholders.  The Company maintains regular contact with its shareholders through meetings and presentations held throughout the year.

 

Non-controlling positions in portfolio companies

 

Non-controlling interests in portfolio companies may lead to a limited ability to protect the Company's position in such investments.

 

Mitigation

 

As part of its investment in portfolio companies, the Company will seek to secure significant stakes and board representation, where it considers that the Company and/or an investee company would benefit from such an appointment.

 

Proceeds from the realisation of investments may vary substantially from year to year

 

The timing of portfolio company realisations is uncertain and depends on factors beyond the Company's control.  As an investing company that does not generate sales, the Company faces the potential challenge of insufficient funds to meet its financial obligations or make new investments.  Cash returns from the Company's portfolio are therefore not predictable.

 

Mitigation

 

To address this challenge, the Company focuses on investing in companies that it considers to have good exit opportunities, via a trade sale, IPO or other exit route.  This increases the likelihood of generating cash returns, which can then be used to reinvest or satisfy financial obligations if necessary. The Company has also conducted a number of equity fundraises since its admission to trading on AIM. As part of its fundraising efforts, the Company has committed significant resources to developing its shareholder base. The Company seeks to maintain sufficient cash resources to manage its ongoing operating and investment commitment. The Company undertakes regular working capital reviews.

 

The Company's approach to managing liquidity is to ensure that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company.

 

The Company has low liquidity risk due to maintaining adequate cash reserves, by continuously monitoring actual cash flows and by matching the maturity profiles of financial assets and current liabilities.

 

The Company believes it is well placed to deliver shareholder value in the medium and long-term through the application of its business model and investment strategy and risk mitigation, as described above.

 

PRINCIPLE 5

 

MAINTAIN THE BOARD AS A WELL-FUNCTIONING, BALANCED TEAM LED BY THE CHAIR

 

The Board is responsible to shareholders for the overall management of the Company and may exercise all the powers of the Company, subject to the provisions of relevant statutes and any directions given by special resolution of the shareholders.

 

The Board, led by the Chairman, consists of four directors, three of whom are Non-executive.

 

The Board comprises of the Non-executive Chairman (Yuri Mostovoy), two Non-executive Directors (James Joseph Mullins and Petr Lanin) and the Executive Director (Alexander Selegenev). James Mullins and Petr Lanin, both Non-executives, are considered to be independent.

 

The Board considers that it has the necessary industrial, financial, public markets and governance experience, possessing the necessary mix of experience, skills, personal qualities and capabilities to deliver the strategy of the Company for the benefit of the shareholders over the medium to long-term (details of which are set out in the responses to Principle 6 of the QCA Code below).

 

The Non-executive Chairman is required to dedicate at least seven days every month to his duties with the Company. The Executive Director is expected to dedicate the substantial part of his time to his duties with the Company. The Non-executive Directors are normally required to dedicate at least two days a month to their duties with the Company. 

 

The Board delegates certain responsibilities to its Committees, so that it can operate efficiently and give an appropriate level of attention and consideration to relevant matters. The Company has an Audit Committee, a Remuneration Committee and a Nomination Committee, all of which operate within a scope and remit defined by specific terms of reference determined by the Board. The Board and its Committees are provided with high quality information in a timely manner to facilitate proper assessment of the matters requiring a decision or insight. 

 

The Directors have access to the Company's advisers and are able to obtain advice from other external bodies as and when required.

 

Board meetings

 

There were 16 Board meetings held in 2018. The number of Board meetings attended by the Directors is set out below.

 

 

Board

Audit Committee

Remuneration Committee

Director

meetings

meetings

meetings

Yuri Mostovoy

16

 

 

Alexander Selegenev

16

 

 

Petr Lanin

16

1

2

James Mullins

15

1

2

Total meetings

16

1

2

 

PRINCIPLE 6

 

ENSURE THAT BETWEEN THEM THE DIRECTORS HAVE THE NECESSARY UP-TO-DATE EXPERIENCE, SKILLS AND CAPABILITIES

 

The Board considers that it has the necessary industrial, financial, public markets and governance experience, possessing the necessary mix of experience, skills, personal qualities and capabilities to deliver the strategy of the Company for the benefit of the shareholders over the medium to long-term. The Directors' individual experience is set out below.

 

Yuri Mostovoy, Non-Executive Chairman, was appointed to the Board in June 2011. Yuri brings over 36 years expertise in investment banking, software development and business to his role as Chairman of the Company. Yuri completed his Ph.D. program at the Moscow Aviation Institute in 1972 and has a M.Sc. in Electrical Engineering from that same institution. Yuri has held a number of previous Board positions at a number of companies, and brings this experience to the Board. He has been involved in a number of internet startups in areas of medical devices, software development, and social media.

 

Yuri Mostovoy is actively involved in the start-up investment community, especially in some of the tech hubs in the USA, meeting with technological companies seeking investments on a regular basis. Through this process of direct contact with investee companies, Yuri keeps updated on sector developments.

 

Alexander Selegenev, Executive Director, was appointed to the Board in December 2010. The Executive Director has the responsibility of leading the business and the executive management team, ensuring that strategic and commercial objectives are met. Alexander has over 20 years of experience in investment banking and venture capital, with specific expertise in international corporate finance, equity capital markets and mergers and acquisitions at a number of City of London firms including Teather & Greenwood Limited, Daiwa Securities SMBC Europe Limited, and Sumitomo Bank Limited. Throughout his career he worked on a large number of AIM IPOs and private equity and merger and acquisition transactions. He has an MSc (Hons) and a BSc (Hons) in Business from the Peoples' Friendship University of Russia in Moscow and a Bachelor of Business Studies (Major in Management) from Monash International University in Australia. He brings strong experience of working with public markets. Alexander's public markets and financial experience make him an ideal conduit to engaging with the Company's Nomad, investors and make him an effective conduit between the Board and the Company's other team members.

 

Alexander Selegenev is an active member of the Company's investment committee, allowing him to keep very close to developments and current thinking on new technologies, market trends, company valuations and fund raising activities.

 

Alexander Selegenev is a member of the Company's Nomination Committee.

 

James Mullins, non-executive director, was appointed to the Board in December 2010. He brings to the Company a strong combination of accountancy, experience of working with public markets and institutional investors. James, with his financial background, provides the experience required as chairman of the audit committee to challenge the business internally and also the Group auditors. From 2004 to 2007, he was the Finance Director at Rambler Media and was involved in its successful admission on AIM and subsequent sale. He has been a director of numerous funds and companies including the Russian Federation First Mercantile Fund. This Fund (Class A shares) is listed on the Bermuda Stock Exchange. He was previously a partner in First Mercantile and FM Asset Management Ltd. He previously worked for PricewaterhouseCoopers, Deloitte and British Coal where he was a national investment manager. He was recently Chairman of the Scottish Salmon Company, which is listed on the Oslo Bors. James is a Fellow of the Association of Chartered Certified Accountants and he holds a Bachelor of Science degree and a Master of Arts degree from Trinity College, Dublin. James is also an active entrepreneur and investor.

 

James Mullins has recently completed an online course with University of Oxford Said Business School entitled Oxford Blockchain Strategy Programme.

 

James Mullins serves as Chairman of the Audit, Remuneration and Nomination committees.

 

Petr Lanin was appointed to the Board in December 2010. Petr brings his experience in investment and brokerage to his position as independent non-executive director. His experience in investments allow him to review and challenge decisions and opportunities presented both within the formal arena of the Boardroom and as called upon when needed by senior management.

 

He began his career as an equity analyst in the Russian information agency "RosBusinessConsulting" ("RBC") in 1995. Between 1996-2000 he served as chief of the share department in Makprombank. Between 2000 and 2006 he held the position of general director of the investment company "Maxwell Capital". Following his appointment as general director of "Maxwell Asset Management" in 2003, Mr. Lanin was key in the establishment and management of many investment funds. He was also one of the managing directors of venture capital fund "Maxwell Biotech" which was a closed mutual fund set up and operated by Maxwell Asset Management. In 2008, Maxwell Asset Management established a UK FSA registered subsidiary in which Petr Lanin held a controlled function. At present, Petr is a chief of the Purchases and Supply Department in Federal State Organisation "Clinical hospital #1". Petr holds an MBA degree in finance and credit from the Plekhanov Russian Academy of Economics.

 

Petr Lanin is a member of the Company's Audit and Remuneration Committees.

 

PRINCIPLE 7

 

EVALUATE BOARD PERFORMANCE BASED ON CLEAR AND RELEVANT OBJECTIVES, SEEKING CONTINUOUS IMPROVEMENT

 

The Company conducts evaluation of the effectiveness of its Board and committees and that of the Executive and Non-executive Directors' performance in accordance with the QCA Code. The results of such reviews are used to determine whether any alterations are needed or whether any additional training would be beneficial.

 

The first such formal evaluation was carried out starting in December 2018 and concluded in March 2019. Comparisons to prior reviews are therefore not possible. After considering different alternatives the Board made the decision to undertake the evaluations internally. 

 

The evaluations involved both a numeric and discursive self-assessment by each Board member, in response to a questionnaire, on the role and functioning of the Board and its members and Committees.  Responses were collated and fed back to the Board at its meeting in June 2019.

 

In general, the responses found the Board, its members and Committees to be operating effectively.  We provide further information below on the various evaluation that took place and their outcomes.

 

Board effectiveness

 

The Board effectiveness evaluation involved the completion of a detailed questionnaire by Board directors. The following items and their respective criteria were assessed as a measure of effectiveness at Board level, whereby all Board members were asked to provide a rating (on a scale of 1 - 5). The evaluation addressed the following items:

 

•       Board composition - Evaluating the Board's right balance of skills, knowledge and experience to govern the Company effectively.

•       Board engagement - How timely is the Board's engagement with its internal and external stakeholders

•       Governance structure - Is the Board's Committee structure clear and providing members with assurance to discharge their duties effectively.

•       Risk management - How well is the Board addressing the key business risks and adhering to internal controls;

•       Board agenda and forward plan - Is the Board's meeting agenda and forward plan ensuring that members are focusing on the right areas at the right time.

•       Director's self-assessment of awareness of current issues faced by the Company;

•       Board reporting - How comprehensive, accurate, easy to understand, timely and appropriate is the information received by Board members

•       Board dynamics - How effectively do Board members operate as a team, striking the right balance between trust and challenge.

•       Personal development - how well are development needs identified and satisfy requirements

•       Chair's leadership - How effective is the Chair as a leader of the Board.

•       Performance evaluation - Are the Board members continually improving as a group and as individuals.

•       Succession planning for Board members - How robust is succession planning

 

The Board effectiveness evaluation concluded that the Board was operating effectively. Whilst time is dedicated at regular board meetings to discuss the Company's strategy, the evaluation identified the possibility to consider an additional "away day" annual strategy meeting or conference call for the Board, and the Board has agreed to consider holding such annual strategy meetings in the future.

 

Audit Committee effectiveness

 

As part of the Audit Committee evaluation exercise, the two members of the Audit Committee completed a self-assessment questionnaire. Each member was asked to rate (on a scale of 1 - 5) the extent to which the Audit Committee is properly constituted, with regard to the knowledge, behaviours and processes relevant to the effective functioning of the Audit Committee. The evaluation concluded the committee was functioning effectively. The evaluation identified some minor improvements to be made regarding the number of meetings and reviewing the terms of reference.

 

Remuneration committee effectiveness

 

As part of the Remuneration Committee evaluation, the two members of the Remuneration Committee completed a self-assessment questionnaire. Each member was asked to rate (on a scale of 1 - 5) the extent to which the Remuneration Committee is properly constituted, with regard to the knowledge, behaviours and processes relevant to the correct functioning of the Remuneration Committee. The evaluation concluded the committee was functioning effectively.

 

Nomination committee effectiveness

 

The Nomination Committee did not convene during the financial year ended 31 December 2018 as there were no new Board or senior management appointments during the year.

 

By way of evaluation of succession planning, all Board members were asked to respond to a questionnaire which reviewed succession planning and the processes by which the Company determines board and other senior appointments. The evaluation concluded that the processes in place for succession planning are adequate in view of the size and scope of operations of the Company.

 

The Nomination committee works closely with the Board to identify the skills, experience, personal qualities and capabilities required for any next stages in the Company's development, linking the Company's strategy to future changes on the Board.

 

Individual effectiveness

 

The individual effectiveness evaluation involved the completion of a detailed questionnaire. The following items and their respective criteria were assessed as a measure of effectiveness at the individual level, whereby all Board members were asked to provide a rating (on a scale of 1 - 5). The evaluation concluded that all Board members were operating effectively. The evaluation addressed the following items:

 

·        Relationships with the Board of directors and major shareholders

·        Knowledge of the Company's business as it continues to evolve

·        Active engagement in robust discussions during and between board meetings

·        Personal accountability for promoting the success of the Company

·        An open and questioning approach to reviewing risk in the organisation

·        Strategic planning, financial management, people management and relationships, and conduct of business

·        Assessing the time commitment required from each director

·        Development, training or mentoring needs of individual directors

 

The Board reviews on an ongoing basis the human resource needs of the Company and the expected availability of its directors, employees and consultants. The review seeks to identify any potential changes in the make-up of the Board and senior management, in order to allow sufficient planning to appoint a replacement or other suitable arrangements.

 

 

 

PRINCIPLE 8

 

PROMOTE A CORPORATE CULTURE THAT IS BASED ON ETHICAL VALUES AND BEHAVIOURS

 

The Board not only sets expectations for the business but works towards ensuring that strong values are set and carried out by the Directors across the business. The Board places significant importance on the promotion of ethical values and good behaviour within the Company and takes ultimate responsibility for ensuring that these are promoted and maintained throughout the organisation and that they guide the Company's business objectives and strategy. The Board ensures sound ethical practices and behaviours are deployed at Company board meetings.

 

The Company's corporate culture is based on the three values of transparency, innovation and continuous improvement. These three values support the Company's objectives, strategy and business model. These are explained in more detail in the Chairman's corporate governance statement, which reflects how the Company's corporate culture is consistent with the Company's objectives, strategy and business model.

 

The Board has very regular interaction with Company employees, thereby ensuring that ethical values and behaviours are recognised and respected. Given the size of the Company, the Board believes this is the most efficient way of ensuring that a good corporate culture is maintained, which the Board deems to be good and healthy.

 

The Company's approach to governance, and how that culture is consistent with both the Company's objectives and the creation of long-term stakeholder value, is set out in the Chairman's statement on corporate governance at the start of this document.

 

PRINCIPLE 9

 

MAINTAIN GOVERNANCE STRUCTURES AND PROCESSES THAT ARE FIT FOR PURPOSE AND SUPPORT GOOD DECISION-MAKING BY THE BOARD

 

Yuri Mostovoy, as Chairman, is responsible for leading an effective Board, fostering a good corporate governance culture and ensuring appropriate strategic focus and direction.

 

Alexander Selegenev, as Executive Director, has overall responsibility for managing the group's business and promoting, protecting and developing the investment business of the Company. Alexander also has active responsibility for the implementation of and adherence to the financial reporting procedures adopted by the Company and the Company's financial reporting obligations under the AIM Rules.

 

The Board's committees

 

The Board is assisted by various standing committees which report regularly to the Board.  The membership of these committees is regularly reviewed by the Board.  When considering committee membership and chairmanship, the Board aims to ensure that undue reliance is not placed on particular Directors.  The terms of reference of the Audit Committee, Remuneration Committee and Nomination Committee provide that no one other than the particular committee chairman and members may attend a meeting unless invited to attend by the relevant committee.

 

Details of the committees of the Board are set out below.

 

Audit Committee

 

The Audit Committee currently comprises James Mullins and Petr Lanin being non-executive members of the Board, with James Mullins appointed as chairman. The Audit Committee should meet at least twice a year. The committee is responsible for the functions recommended by the QCA Code including:

 

·        Review of the annual financial statements and interim reports prior to approval, focusing on changes in accounting policies and practices, major judgemental areas, significant audit adjustments, going concern and compliance with accounting standards, AIM and legal requirements;

·        Receive and consider reports on internal financial controls, including reports from the auditors and report their findings to the Board;

·        Consider the appointment of the auditors and their remuneration including the review and monitoring of independence and objectivity;

·        Meet with the auditors to discuss the scope of their audit, issues arising from their work and any matters the auditors may wish to raise;

·        Develop and implement policy on the engagement of the external auditor to supply non-audit services; and

·        Review the Company's corporate review procedures and any statement on internal control prior to endorsement by the Board.

 

Remuneration Committee

 

The Remuneration Committee currently comprises James Mullins and Petr Lanin, with James Mullins appointed as chairman. The committee has the following key duties:

 

•           Reviewing and recommending the emoluments, pension entitlements and other benefits of any Executive Directors and other senior executives; and

•           Reviewing the operation of any share option schemes and/or bonus plans implemented by the Company and the granting of options and/or bonus awards under such schemes.

 

Nomination Committee

 

The Company has established a Nomination Committee, which considers the appointment of directors to the Company's Board and makes recommendations in this respect. The Nomination Committee currently comprises James Mullins and Alexander Selegenev, with James Mullins appointed as Chairman.

 

Matters reserved for the Board

 

The Board of Directors of the Company meets at least four times per year, or more often if required. The matters reserved for the attention of the Board include inter alia:

 

•           The preparation and approval of the financial statements and interim reports, together with the approval of dividends, significant changes in accounting policies and other accounting issues;

•           Board membership and powers including the appointment and removal of Board members, determining the terms of reference of the Board and establishing the overall control framework;

•           AIM-related issues including the approval of communications to the AIM and communications with shareholders;

•           Senior management and Board appointments and remuneration, contracts and grant of share options;

•           Key commercial matters, including approval and disposal of investments;

•           Financial matters including the approval of the budget and financial plans, changes to the Company's capital structure, the Company's business strategy, investment commitments, acquisitions and disposals of investments, and capital expenditure; and

•           •     Other matters including insurance, regulatory and legal compliance.

 

Share dealings

 

The Company has adopted a model code for share dealings in its ordinary shares which is appropriate for an AIM company, including compliance with Rule 21 of the AIM Rules for Companies relating to Directors and employees' dealings in the Company's shares. Jersey law contains no statutory pre-emption rights on the allotment and issue by the Company of equity securities (being shares in the Company, or rights to subscribe for, or to convert securities into, such shares). However, the Company's articles of association contain certain provisions as to Directors' authority to issue equity securities and pre-emption rights on issues of equity securities by the Company, further details of which are set out in paragraphs 8 and 9 of Part 3 of the Company's AIM Admission Document which can be found on the Company's website.

 

As the Company grows, the directors will ensure that the governance framework remains in place to support the development of the business.

 

 

 

PRINCIPLE 10

 

COMMUNICATE HOW THE COMPANY IS GOVERNED AND IS PERFORMING BY MAINTAINING A DIALOGUE WITH SHAREHOLDERS AND OTHER RELEVANT STAKEHOLDERS

 

The Company communicates with shareholders through the annual report and accounts, regulatory announcements, the annual general meeting and one-to-one meetings with large existing shareholders or potential investors. A range of corporate information (including all Company announcements and presentations) is also available on the Company's website. In addition, the Company seeks to maintain dialogue with shareholders through the organisation of shareholder events, and employee stakeholders are regularly updated with the development of the Company and its performance.

 

Audit Committee report

 

The Company has established an audit committee, which comprises James Mullins (Chairman) and Petr Lanin. The audit committee's main functions include, inter alia, reviewing and monitoring internal financial control systems and risk management systems on which the Company is reliant, considering annual and interim accounts and audit reports, making recommendations to the Board in relation to the appointment and remuneration of the Company's auditors and monitoring and reviewing annually their independence, objectivity, effectiveness and qualifications.

 

The Audit Committee met formally once during 2018 to formally approve the full year report and accounts for the year ended 31 December 2017.

 

Remuneration committee report

 

The Company has established a remuneration committee, which comprises James Mullins (Chairman) and Petr Lanin. The remuneration committee met on two occasions during 2018, to discuss and approve the extension of the Company's Bonus Plan, and approve the final bonus allocations for the third year of the Company's Bonus Plan ended 30 June 2018.

 

The Company seeks to publicly disclose the outcomes of all shareholder votes in a clear and transparent manner, although voting decisions (including votes withheld or abstentions) are not posted on the Company's website or contained in the announcement released via RNS. The outcomes of all shareholder votes are publicly notified to the market via RNS and are available for review in the Company's regulatory announcements section of its AIM Rule 26 website.

 

If a significant proportion of independent votes were to be cast against a resolution at any general meeting, the Board's policy would be to engage with the shareholders concerned in order to understand the reasons behind the voting results. Following this process, the Board would make an appropriate public statement regarding any different action it has taken, or will take, as a result of the vote.

 

 

 

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2018

 

The Directors present their report and audited financial statements of the Company for the year ended 31 December 2018.

 

Principal activity and review of the business

TMT Investments Plc ("TMT Investments" or the "Company") was incorporated under the laws of Jersey.  The Company has been established for the purpose of making investments in the TMT sector where the Directors believe there is a potential for growth and the creation of shareholder value.  The Company primarily targets companies operating in markets that the Directors believe have strong growth potential and having the potential to become multinational businesses.  The Company can invest in any region of the world.

 

Results and dividends

The gain for the year amounted to US$19,492,492 which includes a profit on changes in fair value of financial assets at FVPL ("Fair Value through profit and loss") of US$22,904,054. The Directors continue to review the Company's investment pipeline and depending on capital utilisation following the Wrike realisation, may consider distributing some of the proceeds in the form of a special dividend.  The Company will keep shareholders update in this regard.

 

Further information on the Company's results and financial position is included in the financial statements.

 

Company listing

TMT is traded on the AIM market ("AIM") of the London Stock Exchange.  The Company's ticker is TMT.  Information required by AIM Rule 26 is available in the 'Investor Relations' section of the Company's website at www.tmtinvestments.com.

 

Changes in share capital

The Company has one class of ordinary share that carries no right to fixed income, and each share carries the right to one vote at general meetings of the Company.  As at 31 December 2018 and the date of this report, the Company's issued share capital consists of 29,185,831 ordinary shares of no par value each in the Company.

 

Substantial shareholdings

The Directors are aware of the following shareholdings of 3% or more of the issued share capital of the Company as of 26 June 2019.

 

Shareholders

Number of ordinary shares

% of issued ordinary share capital

Nelli Morgulchik (via Macmillan Trading Company Limited)

7,240,544

24.81%

German Kaplun (via Ramify Consulting Corp)

5,348,980

18.33%

Andrey Kareev (via Wissey Trade & Invest Ltd)

5,000,000

17.13%

Nika Kirpichenko (via Eclectic Capital Limited)

4,590,000

15.73%

Zaur Ganiev

2,453,152

8.40%

Others

4,553,155

15.60%

Total

29,185,831

100.00%

 

Update regarding the impact of the applicability of the City Code on Takeovers and Mergers (the "Code") to the Company and the existence of a Concert Party under the Code.

 

On the Company's admission to trading on AIM in December 2010 ("Admission"), the Company was not subject to the Code, as it was considered by the Panel on Takeovers and Mergers to have its place of central management and control outside the UK, the Isle of Man and the Channel Islands. 

 

However, in September 2013, the 'residency test', in relation to UK, Isle of Man and Channel Islands public companies, quoted on AIM, was removed from the Code, and, therefore, the Company became subject to the provisions of the Code at that time.

 

At the time of the Company coming under the Code, no one at the Company nor its advisers considered the Code implications in respect of the Company's material shareholders.  It should be noted that all material shareholders properly and timely disclosed to the Company all required information on dealings in the Company shares, pursuant to the FCA's Disclosure Guidance and Transparency Rules and the AIM Rules for Companies. 

 

As part of Strand Hanson's recent take-on due diligence to become Nominated Adviser to the Company, Strand Hanson undertook a review of the Company's shareholder structure and identified the existence of a potential concert party as defined in the Code (the "Concert Party").

 

The Company has subsequently agreed with the Panel on Takeovers and Mergers that a Concert Party does currently exist, consisting of the following shareholders:

 

Shareholder Details (Legal holder / Beneficial holder)

No. of Ordinary Shares

% of issued share capital

Macmillan Trading Company Limited

Nelli Morgulchik (Adult daughter of Alexander Morgulchik, TMT's Head of Business Development)

7,240,544

24.81%

Ramify Consulting Corp.

German Kaplun (TMT's Head of Strategy)

5,348,980

18.33%

Wissey Trade & Invest Ltd ("Wissey")

Andrey Kareev

5,000,000

17.13%

Eclectic Capital Limited ("Eclectic")(1)

Nika Kirpichenko

4,590,000

15.73%

Natalia Inyutina (Adult daughter of Artemii Iniutin)

Natalia Inyutina

727,156

2.49%

Vlada Kaplun (Adult Daughter of German Kaplun)

Vlada Kaplun

363,578

1.25%

Marina Kedrova (Adult Daughter of German Kaplun)

Marina Kedrova

363,578

1.25%

Artemii Iniutin, TMT's Head of Investments(2)

-

-

Total

23,633,836

80.98%

 

Notes:

(1) The majority of the Ordinary Shares held by Eclectic were previously held by Menostar Holdings Limited ("Menostar"), who invested in the Company at the time of its Admission.  As announced by the Company on 22 June 2016, the Company was notified that Menostar no longer had an interest in the Company and that Eclectic was interested in 4,650,000 Ordinary Shares.  The beneficial owner of Eclectic is Nika Kirpichenko who is the wife of Dmitry Kirpichenko, the beneficial owner of Menostar.

 

Wissey and Menostar (such Ordinary Shares now held by Eclectic) both invested in the Company on its Admission and, along with Eclectic, have invested in and/or been otherwise involved with other business ventures associated with the two founders of the Company Alexander Morgulchik and German Kaplun (the "Founders").

 

(2) Artemii Iniutin also has a relationship with the Founders, having invested in and/or been otherwise involved with other business ventures associated with them.  Whilst Mr Iniutin does not currently hold any Ordinary Shares, he has in the past held Ordinary Shares and, in the future, may acquire an interest in Ordinary Shares.  Mr Iniutin's name is also transliterated to Artyom Inyutin, and has appeared as such in previous Company announcements and other public disclosures.

 

Since September 2013, when the Company became subject to the Code, the Concert Party has been interested in, in aggregate, more than 50% of the Company's issued share capital at all times.

 

The Company will update this disclosure in future annual financial reports and, if relevant, via RNS announcements.

 

 

 

Directors

During the financial year the following Directors held office:

 

Yuri Mostovoy                                                  Non-executive Chairman

Alexander Selegenev                                      Executive Director

James Joseph Mullins                                     Independent Non-Executive Director

Petr Lanin                                                         Independent Non-Executive Director

 

The Directors' fees for 2018 were as follows:

 

Director

 

 

 

 

Yuri Mostovoy

 

 

 

US$50,000

Alexander Selegenev

 

 

 

US$100,000

James Joseph Mullins

 

 

 

US$26,690

Petr Lanin

 

 

 

US$10,000

 

Subsequent events post the period end

Further to the Company's announcement of 2 January 2019 regarding the disposal of its entire holding in Wrike, on 11 January 2019 the Company confirmed receipt of the initial net consideration of US$22.3 million.  In April 2019, the Company received a further net cash consideration of US$54,414 in respect of the US$0.3 million deferred consideration.

 

In January 2019, the Company invested US$200,000 in Central American on-demand delivery service Hugo (www.hugoapp.com).

 

In February 2019, the Company received a total net cash consideration of US$547,972 for the disposal of its entire investment in The IRApp, Inc.

 

As announced on 26 February 2019, the Company invested US$2 million in MEL Science, an educational startup focused on early science education, with a combination of modern technologies and hands-on experience.  The company's main current products are monthly subscription to chemistry kits, and chemistry VR lessons for schools (www.melscience.com).

 

In June 2019, the Company invested £200,000 in UK InsurTech and HealthTech company HealthyHealth (www.healthyhealth.uk).

 

In June 2019, the Company's portfolio company PandaDoc, a document automation SaaS provider (www.pandadoc.com), completed a new equity funding round.  The transaction represents a revaluation uplift of US$0.98 million (or 79.5%) in the fair value of TMT's investment in PandaDoc, compared to the latest reported amount as of 31 December 2018.

 

Statement of Directors' responsibilities in respect of the annual report and the financial statements

The Directors are responsible for preparing the Annual Report and Accounts in accordance with applicable law and International Financial Reporting Standards ("IFRSs") as adopted by the European Union.

 

The Companies (Jersey) Law 1991 (as amended) ("Companies Law") requires the Directors to prepare financial statements for each financial year.  The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that its financial statements comply with the Companies Law.  They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.

 

The Directors are responsible for the preparation of the Directors' report and corporate governance statement.  The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website.  Legislation in Jersey governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

 

The Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss for that period.  In preparing these financial statements, the Directors are required to:

·     select suitable accounting policies and then apply them consistently;

·     make judgements and accounting estimates that are reasonable and prudent;

·     state whether applicable IFRSs as adopted by the European Union ("EU") have been followed, subject to any material departures disclosed and explained in the financial statements; and

·     prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

 

Directors' responsibility statement

Each of the Directors, whose names are listed in the Directors section above confirm that, to the best of each person's knowledge and belief:

·     the financial statements, prepared in accordance with IFRSs as adopted by the EU, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company; and

·     the Directors' report contained in the annual report includes a true and fair review of the development and performance of the business and the position of the Company.

 

Going concern

The Company's business activities together with the factors which may impact its activities are described in the relevant sections above.  The financial position of the Company is described in the financial statements and notes to the financial statements.

 

The Directors have a reasonable expectation that the Company will have adequate cash resources to continue in operational existence for the foreseeable future, and for at least one year from the date of approval of these financial statements and they have therefore adopted the going concern basis in preparing the financial statements.

 

Auditors

Each of the persons who is a Director at the date of approval of this annual report confirms that:

·     so far as the Directors are aware, there is no relevant audit information of which the Company's auditors are unaware; and

·     the Directors have taken steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

 

On behalf of the Board of Directors

 

 

Alexander Selegenev

Executive Director

26 June 2019

 

 

 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TMT INVESTMENTS PLC FOR THE YEAR ENDED 31 DECEMBER 2018

 

Opinion

We have audited the financial statements of TMT Investments Plc (the 'Company') for the year ended 31 December 2018 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the European Union.

 

In our opinion, the financial statements:

·    give a true and fair view of the state of the company's affairs as at 31 December 2018 and of the company's profit for the year then ended;

·    have been properly prepared in accordance with IFRSs as adopted by the European Union; and

·    have been prepared in accordance with the requirements of the Companies (Jersey) Law 1991.

 

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements, including the FRC's Ethical Standard as applied to listed entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

 

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

·    the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

·    the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

 

Key audit matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) we identified, including those which had the greatest effect on: the overall audit strategy, the allocation of resources in the audit; and directing the efforts of the engagement team.

 

These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

 

Our assessment of risks of material misstatements

We identified the following risks of material misstatement that we believe had the greatest impact on our overall audit strategy and scope, the allocation of resources in the audit, and directing the efforts of the team. This is not a complete list of all risks identified by our audit.

 

Key audit matter

How our audit addressed the key audit matter

Management override of controls

Management override of controls is deemed to be a significant risk in accordance with ISAs (UK) and presents the risk that management or those charged with governance could override the internal controls of the company in preparing the financial statements resulting in a material misstatement.

 

We reviewed journals and cash transactions to identify any unusual or exceptional transactions.

 

We investigated and tested a sample of items to ensure that amounts paid during the year related to business expenses and that transactions were appropriate.

 

On the basis of our testing performed, we are satisfied that there were no instances of management override of controls.

Valuation of investments

The company is investing in pre-growth companies in a very competitive industry. Given the nature of the companies being invested in, it is not likely that all will be a success. IFRS 9 has been implemented for the first time and requires that all of these investments are carried at fair value in the financial statements. There is a risk that fair value has not been appropriately applied for all of the investments and therefore that the value of investments held at year-end may be misstated.

 

We obtained a copy of the directors' assessment of the investment valuations. We reviewed the revaluations of the investments in the year to ensure that these were based on an appropriate valuation method to the underlying instrument and that the assumptions used in the valuation were appropriate and had been correctly applied.

 

We obtained supporting documentation for sales and purchases of investments during the year and confirmed the validity of the transactions and that they had been correctly treated in the financial statements.

 

The results of our testing did not indicate any material misstatement in the investment valuations included in the financial statements.

 

Our application of materiality

The scope and focus of our audit was influenced by our assessment and application of materiality. We apply the concept of materiality both in planning and performing our audit, and in evaluating the effect of misstatements on our audit and on the financial statements.

 

We define financial statement materiality as the magnitude by which misstatements, including omissions, could influence the economic decisions taken on the basis of the financial statements by reasonable users.

 

We also determine a level of performance materiality which we use to determine the extent of testing needed to reduce to an appropriately low level the probability that the aggregate of uncorrected and undetected misstatements exceeds materiality for the financial statements as a whole.

 

Overall materiality:                                           We determined materiality for the financial statements as a whole to be $1,500,000.

 

For the Statement of Comprehensive Income, we established a materiality level of $200,000

 

How we determined it:                                Based on the main key indicators, being investments held at 31 December 2018 and profits before tax.

 

Rationale for benchmarks applied:                 We believe that these benchmarks are appropriate due to the status of the company and the nature of its activities.

 

Performance materiality:                         On the basis of our risk assessment, together with our assessment of the company's control environment, our judgement is that performance materiality for the financial statements should be 75% of materiality, amounting to $1,125,000.

 

An overview of the scope of our audit

As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements. In particular, we looked at where the directors made subjective judgements, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain.

 

We tailored the scope of our audit to ensure that we performed sufficient work to be able to give an opinion on the financial statements as a whole, taking into account an understanding of the structure of the company, its activities, the accounting processes and controls, and the industry in which they operate. Our planned audit testing was directed accordingly and was focused on areas where we assessed there to be the highest risk of material misstatement. During the audit we reassessed and re-evaluated audit risks and tailored our approach accordingly.

 

The audit testing included substantive testing on significant transactions, balances and disclosures, the extent of which was based on various factors such as our overall assessment of the control environment, the effectiveness of controls and the management of specific risk.

 

We communicated with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant findings, including any significant deficiencies in internal control that we identify during the audit.

 

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditors' report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information.

 

If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact. We have nothing to report in this regard.

 

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Companies (Jersey) Law 1991 requires us to report to you if, in our opinion:

·    adequate accounting records have not been kept by the company, or returns adequate for our audit have not been received from branches not visited by us; or

·    the financial statements are not in agreement with the accounting records and returns; or

·    certain disclosures of directors' remuneration specified by law are not made; or

·    we have not received all the information and explanations we require for our audit.

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement set out on page 33, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal controls as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

 

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.

 

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

 

Use of our report

This report is made solely to the company's members, as a body, in accordance with Article 113A of the Companies (Jersey) Law 1991. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

 

 

Daniel Hutson (Senior Statutory Auditor)

For and on behalf of UHY Hacker Young

Chartered Accountants

Statutory Auditor

 

Quadrant House

4 Thomas More Square

London

E1W 1YW

 

26 June 2019

 

 

 

FINANCIAL STATEMENTS

 

Statement of Comprehensive Income

 

 

 

For the year ended 31/12/2018

 

Restated for the year ended 31/12/2017

 

 

Notes

USD

 

USD

 

Gains on investments

3

22,168,230

 

16,509,456

 

 

 

22,168,230

 

16,509,456

 

Expenses

 

 

 

 

 

Bonus scheme payment charge

6

(1,530,251)

 

(610,107)

 

Administrative expenses

5

(1,200,045)

 

(1,039,957)

 

Other operating gain

 

-

 

12,275

 

Operating gain

 

19,437,934

 

14,871,667

 

Net finance income

7

54,558

 

2,441

 

Gain before taxation

 

19,492,492

 

14,874,108

 

Taxation

8

-

 

-

 

Gain attributable to equity shareholders

 

19,492,492

 

14,874,108

 

Total comprehensive income for the year

 

19,492,492

 

14,874,108

 

 

 

 

 

 

 

Gain per share

 

 

 

 

 

Basic and diluted gain  per share (cents per share)

9

67.58

 

53.61

 

 

 

 

Statement of Financial Position

 

 

 

At 31 December

2018

 

Restated

 at 31 December

 2017

 

Notes

USD

 

USD

Non-current assets

 

 

 

 

Financial assets at FVPL

10

64,890,144

 

66,572,939

Total non-current assets

 

64,890,144

 

66,572,939

 

 

 

 

 

Current assets

 

 

 

 

Trade and other receivables

11

23,804,395

 

171,954

Cash and cash equivalents

12

3,270,088

 

985,692

Total current assets

 

27,074,483

 

1,157,646

Total assets

 

91,964,627

 

67,730,585

 

 

 

 

 

Current liabilities

 

 

 

 

Trade and other payables

13

1,702,942

 

148,056

Total current liabilities

 

1,702,942

 

148,056

 

 

 

 

 

Long term liabilities

 

 

 

 

Other payables

14

-

 

150,000

Total long-term liabilities

 

-

 

150,000

Total liabilities

 

1,702,942

 

298,056

 

 

 

 

 

Net assets

 

90,261,685

 

67,432,529

 

 

 

 

 

Equity

 

 

 

 

Share capital

15

34,790,174

 

31,453,510

Retained profit (losses)

 

55,471,511

 

35,979,019

Total equity

 

90,261,685

 

67,432,529

             

 

The financial statements were approved by the Board of Directors on 26 June 2019 and were signed on its behalf by:

 

 

 

Alexander Selegenev

Executive Director

 

 

 

Statement of Cash Flows

 

 

 

For the year

ended

31/12/2018

Restated for the year ended 31/12/2017

 

 

Notes

USD

USD

 

Operating activities

 

 

 

 

Operating gain

 

19,437,934

14,871,667

 

Adjustments for non-cash items:

 

 

 

 

Changes in fair value of financial assets at FVPL

3

1,293,378

(16,462,187)

 

Amortised costs of convertible notes receivable

3

651

2,638

 

Write-down of loans to portfolio companies

7

(27,240)

-

 

 

 

20,704,723

(1,587,882)

 

Changes in working capital:

 

 

 

 

(Increase)/decrease in trade and other receivables

11

(23,733,735)

54,753

 

Decrease/(Increase) in trade and other payables

13

635,952

(414,010)

 

Net cash used in operating activities

 

(2,393,060)

(1,947,139)

 

Investing activities

 

 

 

 

Interest received

7

81,798

2,651

 

Purchase of financial assets at FVPL

10

(934,200)

(350,000)

 

Proceeds from sale of financial assets at FVPL

 

2,193,194

2,223,082

 

Net cash used in investing activities

 

1,340,792

1,875,733

 

Financing activities

 

 

 

 

Proceeds from issue of shares

 

3,336,664

-

 

Net cash used in financing activities

 

3,336,664

-

 

Increase/(Decrease) in cash and cash equivalents

 

2,284,396

(71,406)

 

Cash and cash equivalents at the beginning of the year

 

985,692

1,057,098

 

Cash and cash equivalents at the end of the year

12

3,270,088

985,692

 

           

 

 

 

Statement of Changes in Equity

 

For the year ended 31 December 2017 and for the year ended 31 December 2018, USD

 

 

 

Share capital

 

Fair value reserve

Retained losses

 

Total

 

Note

USD

 

USD

USD

 

USD

Balance at 01 January  2017 as originally presented

 

31,453,510

 

   29,393,774

(8,288,863)

 

52,558,421

Change in accounting policy due to adoption IFRS 9

2.10

-

 

(29,393,774)

29,393,774

 

-

Restated total equity at the beginning of the financial year

 

31,453,510

 

-

21,104,911

 

52,558,421

Gain for the year (restated)

2.10

-

 

-

14,874,108

 

 

14,874,108

 

Total comprehensive income for the year

 

-

 

-

14,874,108

 

 

14,874,108

 

Balance at 31 December 2017

 

31,453,510

 

-

35,979,019

 

67,432,529

Gain for the year

 

-

 

-

19,492,492

 

 

19,492,492

 

Total comprehensive income for the year

 

-

 

-

19,492,492

 

 

19,492,492

 

Transactions with owners in their capacity as owners:

 

 

 

 

 

 

 

Issue of shares

 

3,336,664

 

-

-

 

3,336,664

Balance at 31 December 2018

 

34,790,174

 

-

55,471,511

 

90,261,685

 

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

 

1.            Company information

 

TMT Investments Plc ("TMT" or the "Company") is a company incorporated in Jersey with its registered office at Queensway House, Hilgrove Street, St Helier, JE1 1ES, Channel Islands.

 

The Company was incorporated and registered on 30 September 2010 in Jersey under the Companies (Jersey) Law 1991 (as amended) with registration number 106628 under the name TMT Investments Limited.  The Company obtained consent from the Jersey Financial Services Commission pursuant to the Control of Borrowing (Jersey) Order 1985 on 30 September 2010.  On 1 December 2010 the Company re-registered as a public company and changed its name to TMT Investments Plc.  The Company's ordinary shares were admitted to trading on the AIM market of the London Stock Exchange on 1 December 2010.

 

The memorandum and articles of association of the Company do not restrict its activities and therefore it has unlimited legal capacity.  The Company's ability to implement its Investment Policy and achieve its desired returns will be limited by its ability to identify and acquire suitable investments.  Suitable investment opportunities may not always be readily available.

 

The Company will seek to make investments in any region of the world.

 

Financial statements of the Company are prepared by and approved by the Directors in accordance with International Financial Reporting Standards, International Accounting Standards and their interpretations issued or adopted by the International Accounting Standards Board as adopted by the European Union ("IFRSs").  The Company's accounting reference date is 31 December.

 

2.            Summary of significant accounting policies

 

2.1      Basis of presentation

 

The principal accounting policies applied by the Company in the preparation of these financial statements are set out below and have been applied consistently.

 

The financial statements have been prepared on a going concern basis, under the historical cost basis as modified by the fair value of financial assets at FVTPL, as explained in the accounting policies below, and in accordance with IFRS.  Historical cost is generally based on the fair value of the consideration given in exchange for assets.

 

2.2      Going concern

 

The Directors confirm that, after giving due consideration to the financial position and expected cash flows of the Company; they have a reasonable expectation that the Company will have adequate cash resources to continue in operational existence for the foreseeable future, and for at least one year from the date of approval of these financial statements and they have therefore adopted the going concern basis in preparing the financial statements.

 

2.3      Segmental reporting

 

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker who is responsible for allocating resources and assessing performance of the operating segments and which has been identified as the Board that make strategic decisions.  For the purposes of IFRS 8 'Operating Segments' the Company currently has one segment, being 'Investing in the TMT sector'.

 

Even though the Company only invests in the TMT sector, there are still geographical disclosures that need to be made to comply with IFRS 8 'Operating Segments'.

 

The Company analyses revenue and non-current financial assets according to the geographical location of the investment (see note 4).

 

2.4      Foreign currency translation

 

(a) Functional and presentation currency

Items included in the financial statements of the Company are measured in United States Dollars ('US dollars', 'USD' or 'US$'), which is the Company's functional and presentation currency.

 

(b) Transactions and balances

Foreign currency transactions are translated into US$ using the exchange rates prevailing at the dates of the transactions.  Exchange differences arising from the translation at the year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of comprehensive income.

 

Conversion rates, USD

Currency

 

 

 

 

As at 31.12.2018

Average rate, 2018

British pounds, £

 

 

 

 

1.26936

1.308292

Euro, €

 

 

 

 

1.14400

1.167199

 

 

 

2.5      Cash and cash equivalents

 

Cash and cash equivalents consist of cash at bank and in hand, deposits held at call with banks, bank overdrafts and other short-term highly liquid investments with maturities of three months or less from the date of acquisition.

 

2.6      Financial assets

 

Recognition and measurement

 

The Company recognises financial assets when it becomes party to the contractual provisions of the instrument. The Company manages its investments with a view to profiting from the receipt of dividends and changes in fair value of equity investments.

 

Financial assets of the Company comprise of unlisted equity investments, convertible promissory notes and SAFEs. All the financial assets are not for trading and are classified as financial assets at FVTPL. Directly attributable transaction costs are recognised in profit or loss as incurred.

 

Financial assets at fair value through profit or loss are measured at fair value, and changes therein are recognised in profit or loss.

 

When measuring the fair value of a financial instrument, the Company uses market observable data as far as possible, including relevant transactions during the year or shortly after the year end, which gives an indication of fair value. The "price of recent investment" methodology is used mainly for venture capital investments, and the fair value is derived by reference to the most recent equity financing round. Fair value change is only recognised if that round involved a new external investor.

 

Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:

 

Level 1: The fair value of financial instruments traded in active markets is based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the Company is the current bid price. These instruments are included in level 1.

 

Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. Specific valuation techniques used to value financial instruments include the use of quoted market prices or dealer quotes for similar instruments.

 

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

 

Financial assets that qualify as an associate, as 20% or more of the voting rights are held by the company, are exempt from IAS 28 'Investments in Associates', as TMT is a venture capital organisation. Such investments are therefore treated as financial assets at FVTPL.

 

Income

 

Interest income from convertible notes receivable is recognised as it accrues by reference to the principal outstanding and the effective interest rate applicable, which is the rate that exactly discounts the estimated future cash flows through the expected life of the financial asset to the asset's carrying value.

 

2.7      Net finance income

 

Net finance income comprises interest income on deposits and dividends from portfolio companies.  Interest income is recognised as it accrues in the statement of comprehensive income, using the effective interest method.

 

 

 

2.8      Taxation

 

Deferred tax is provided in full using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements.  Deferred tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss.  Deferred tax is determined using tax rates that are expected to apply when the related deferred tax asset is realised or when the deferred tax liability is settled.  Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised.

 

2.9      Equity instruments

 

Ordinary shares are classified as equity.  Costs directly attributable to the issue of new shares are shown in equity as a deduction from the proceeds.

 

2.10    New IFRSs and interpretations

 

The IASB has issued the following standards and interpretations which have been endorsed by the European Union to be applied to financial statements with periods commencing on or after the following dates:

 

 

Effective for period    beginning on or after

IFRS 9

Financial Instruments

1 January 2018

     

 

IFRS 9 sets out requirements for recognising and measuring financial assets, financial liabilities and some contracts to buy or sell non-financial items.  This standard replaces IAS 39 Financial Instruments: Recognition and Measurement.

 

The details of new significant accounting policies and the nature and effect of the changes to previous accounting policies are set out below.

 

Under IFRS 9, on initial recognition, a financial asset is classified as measured at: amortised cost; FVOCI - debt investment; FVOCI - equity investment; or FVTPL.  The classification of financial assets under IFRS 9 is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics.

 

The following table and the accompanying notes below explain the original measurement categories under IAS 39 and the new measurement categories under IFRS 9 for each class of the Group's financial assets as at 1 January 2018.

 

Financial assets

Original classification under IAS 39

New classification under IFRS9

Original carrying amount under IAS39

Original carrying amount under IFRS9

 

 

 

USD

USD

Financial assets at FVPL

Available-for-sale financial assets

Financial assets at FVPL

66,572,939

66,572,939

 

The comparative information for the year ended 31 December 2017 has been restated to reflect the adoption of IFRS 9 using retrospective approach.

 

 

 

The following table explains the changes in the treatment of movements in fair value for the year ended 31 December 2017 in the Statement of Comprehensive Income.

 

 

Original results for the year ended 31/12/2017

 

Restated results for the year ended 31/12/2017

 

USD

 

USD

Gain (Loss) attributable to equity shareholders

(2,580,237)

 

14,874,108

Other comprehensive income for the year:

 

 

 

Change in fair value of available-for-sale financial assets

17,454,345

 

-

Total comprehensive income for the year

14,874,108

 

14,874,108

 

In addition to the above changes the fair value reserve of US$29,393,774 was reclassified to Retained Earnings as at 1 January 2017.

 

2.11    Accounting estimates and judgements

 

Estimates and judgements need to be regularly evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.  The Company makes estimates and assumptions concerning the future.  The resulting accounting estimates will, by definition, rarely equal the related actual results.

 

The estimates and underlying assumptions are reviewed on an on-going basis.  Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

 

The estimates significant to the financial statements during the year and at the year-end is the consideration of the fair value of financial assets at FVPL as set out in the relevant accounting policies shown above.  A number of the financial assets at FVPL held by the Company are at an early stage of their development.  The Company cannot yet carry out regular reliable fair value estimates of some of these investments.  Future events or transactions involving the companies invested in may result in more accurate valuations of their fair values (either upwards or downwards) which may affect the Company's overall net asset value. 

 

3             Gains (Losses) on investments

 

For the year ended 31/12/2018

 

Restated for the year ended 31/12/2017

 

USD

 

USD

Gross interest income from convertible notes receivable

33,761

 

49,907

Amortised costs of convertible notes receivable

(651)

 

(2,638)

Net interest income from convertible notes receivable

33,110

 

47,269

Gains (losses) on changes in fair value of financial assets at FVPL

22,904,054

 

16,462,187

Success fee attributable to consultants

(768,934)

 

-

Total net gains (losses) on investments

22,168,230

 

16,509,456

 

 

 

4             Segmental analysis

 

Geographic information

 

The Company has investments in three principal geographical areas - USA, Estonia and Israel.

 

Non-current financial assets

 

As at 31/12/2017

 

USA

Israel

BVI

Estonia

Russia

Total

 

USD

USD

USD

USD

USD

USD

Equity investments

50,734,468

2,351,598

127,525

3,847,749

59,096

57,120,436

Convertible notes & SAFE's

9,452,503

-

-

-

-

9,452,503

 Total

60,186,971

2,351,598

127,525

3,847,749

59,096

66,572,939

 

As at 31/12/2018

 

USA

Israel

BVI

Estonia

Russia

Total

 

USD

USD

USD

USD

USD

USD

Equity investments

43,321,261

1,870,183

-

17,094,470

-

62,285,914

Convertible notes & SAFEs

2,370,030

-

-

234,200

-

2,604,230

Total

45,691,291

1,870,183

-

17,328,670

-

64,890,144

 

5             Administrative expenses

 

Administrative expenses include the following amounts:

 

 

For the year ended 31/12/2018

 

For the year ended 31/12/2017

 

USD

 

USD

Staff expenses (note 6)

591,741

 

583,127

Professional fees

303,649

 

221,717

Legal fees

39,053

 

5,073

Bank and LSE charges

23,973

 

14,112

Audit fees

25,881

 

28,473

Accounting fees

15,200

 

15,200

Rent

94,596

 

70,947

Other expenses

96,206

 

113,978

Currency exchange loss (gain)

9,746

 

(12,670)

 

1,200,045

 

1,039,957

 

 

 

6             Staff expenses

For the year ended 31/12/2018

 

For the year ended 31/12/2017

 

USD

 

USD

Directors' fees

186,261

 

186,647

405,480

 

396,480

 

591,741

 

583,127

 

Wages and salaries shown above include salaries relating to 2018.  Bonus Plan costs are not included in administrative expenses and are shown separately.

 

The Bonus Plan payments charge for the year is analysed as follows:

For the year ended 31/12/2018

 

For the year ended 31/12/2017

 

USD

 

USD

Directors

421,307

 

167,780

1,108,944

 

442,327

 

1,530,251

 

610,107

 

The Directors' fees and bonuses for 2018 were as follows:

 

For the year ended 31/12/2018

 

For the year ended 31/12/2017

 

USD

 

USD

Alexander Selegenev

399,898

 

219,704

Yuri Mostovoy

170,980

 

98,809

James Joseph Mullins

26,690

 

25,914

Petr Lanin

10,000

 

10,000

 

607,568

 

354,427

 

The Directors' fees shown above are all classified as 'short term employment benefits' under International Accounting Standard 24.  The Directors do not receive any pension contributions or other benefits.  The average number of staff employed (excluding Directors) by the Company during the year was 5 (2017: 5).

 

Key management personnel of the Company are defined as those persons having authority and responsibility for the planning, directing and controlling the activities of the Company, directly or indirectly.  Key management of the Company are therefore considered to be the Directors of the Company.  There were no transactions with the key management, other than their fees, bonuses, and reimbursement of business expenses.

 

7          Net finance income

 

 

For the year ended 31/12/2018

 

For the year ended 31/12/2017

 

USD

 

USD

Interest income

12,646

 

2,441

Dividends received

69,152

 

-

Write-down of loans to portfolio companies

(27,240)

 

-

 

54,558

 

2,441

 

 

 

8          Income tax expense

 

 

For the year ended 31/12/2018

 

For the year ended 31/12/2017

 

USD

 

USD

Current taxes

 

 

 

Current year

-

 

-

Deferred taxes

 

 

 

Deferred income taxes

-

 

-

 

-

 

-

 

The Company is incorporated in Jersey.  No tax reconciliation note has been presented as the income tax rate for Jersey companies is 0%.

 

9          Gain (Loss) per share

 

The calculation of basic gain per share is based upon the net gain for the year ended 31 December 2018 attributable to the ordinary shareholders of US$19,492,492 (2017: net gain of US$14,874,108) and the weighted average number of ordinary shares outstanding calculated as follows:

 

Gain (Loss) per share

For the year ended 31/12/2018

 

Restated for the year ended 31/12/2017

Basic gain (loss) per share (cents per share)

67.58

 

53.61

Gain (Loss) attributable to equity holders of the entity

19,492,492

 

14,874,108

 

The weighted average number of ordinary shares outstanding before and after adjustment for the effects of all dilutive potential ordinary shares calculated as follows:

 

 

 

 

(in number of shares weighted during the year outstanding)

For the year ended 31/12/2018

 

For the year ended 31/12/2017

Weighted average number of shares in issue

 

 

 

Ordinary shares

28,842,391

 

27,744,962

 

28,842,391

 

27,744,962

Effect of dilutive potential ordinary shares

 

 

 

Share options

-

 

-

Weighted average of shares for the year (fully diluted)

28,842,391

 

27,744,962

 

10        Non-current financial assets

 

 

At 31 December 2018

 

At 31 December 2017

Financial assets at FVPL, USD:

 

 

 

Investments in equity shares (i)

 

 

 

- unlisted shares

62,285,914

 

57,120,436

Convertible notes receivable (ii)

 

 

 

- promissory notes

1,404,230

 

7,052,503

- SAFEs

1,200,000

 

2,400,000

 

64,890,144

 

66,572,939

 

 

 

Reconciliation of fair value measurements of non-current financial assets:

 

 

 

Financial assets at FVPL

 

Total

 

 

Unlisted
shares

 

Convertible
notes & SAFEs

 

 

 

 

USD

 

USD

 

USD

Balance as at 31 December 2016

 

48,335,876

 

3,650,596

 

51,986,472

Total gains or losses in 2017:

 

 

 

 

 

 

- changes in fair value

 

10,456,569

 

6,104,545

 

16,561,114

Purchases (including consulting & legal fees)

 

294,506

 

300,000

 

594,506

Disposal of investment (carrying value)

 

(2,067,626)

 

(502,638)

 

(2,570,264)

Conversion and other movements

 

101,111

 

(100,000)

 

1,111

Balance as at 31 December 2017

 

57,120,436

 

9,452,503

 

66,572,939

Total gains or losses in 2018:

 

 

 

 

 

 

- changes in fair value

 

22,974,039

 

(69,985)

 

22,904,054

Purchases (including consulting & legal fees)

 

74,053

 

934,200

 

1,008,253

Disposal of investment (carrying value)

 

(25,464,451)

 

(130,651)

 

(25,595,102)

Conversion and other movements

 

7,581,837

 

(7,581,837)

 

-

Balance as at 31 December 2018

 

62,285,914

 

2,604,230

 

64,890,144

 

Financial assets at fair value through profit or loss are measured at fair value, and changes therein are recognised in profit or loss.

 

When measuring the fair value of a financial instrument, the Company uses market observable data as far as possible, including relevant transactions during the year or shortly after the year end, which gives an indication of fair value. The "price of recent investment" methodology is used mainly for venture capital investments, and the fair value is derived by reference to the most recent equity financing round. Fair value change is only recognised if that round involved a new external investor.

 

 

 

(i)            Equity investments as at 31 December 2018:

Investee company

Date of initial investment

Value at

1 Jan 2018,

USD

Additions to equity investments during the period, USD

Conversions from loan notes, USD

Gain/loss from changes in fair value of equity investments, USD

Disposals, USD

Value at 31 Dec 2018, USD

Equity stake owned

Unicell

15.09.2011

 1,455,088

 -

 -

(475,088)

 -

980,000

2.36%

DepositPhotos

26.07.2011

10,836,105

 -

 -

-

-

10,836,105

16.41%

RollApp

19.08.2011

 600,000

 -

 -

(600,000)

 -

-

10.00%

Wanelo

21.11.2011

 5,369,400

 -

 -

(3,543,804)

 -

1,825,596

4.69%

Backblaze

24.07.2012

 10,533,334

 -

 -

 -

 -

 10,533,334

12.78%

UM Liquidating Trust

15.07.2014

 29,273

 -

 -

(29,273)

 -

 - 

5.89%

Favim

24.10.2012

127,525

 -

 -

(127,525)

 

-

20.00%

Adinch

19.02.2013

 300,000

 -

 -

(300,000)

 -

-

22.43%

Wrike

12.06.2012

8,395,508

 -

 -

15,005,750

(23,401,258)

-

0.00%

Oriense

27.01.2014

 59,096

 -

 -

(59,096)

 -

-

5.45%

E2C

15.02.2014

 136,781

 -

 -

 -

 -

 136,781

5.51%

Drippler

01.05.2014

9,587

 -

 -

(3,761)

(2,566)

3,260

0.00%

Remot3.it

13.06.2014

750,000

5,398

27,277

8,835

 -

791,510

1.68%

Le Tote

21.07.2014

1,997,073

 -

 -

-

 -

1,997,073

1.32%

Anews

25.08.2014

 1,000,000

 -

 -

 -

 -

 1,000,000

9.41%

Twtrland

01.09.2014

 155,000

 -

 -

 -

 -

 155,000

3.04%

Drupe

02.09.2014

 595,142

 -

 -

-

 -

 595,142

7.46%

Bolt

15.09.2014

3,797,234

 -

 -

13,297,236

 -

17,094,470

1.77%

Pipedrive

30.07.2012

9,127,249

 -

 -

3,139,961

(2,010,112)

10,257,098

2.41%

PandaDoc

11.07.2014

1,233,770

 -

 -

-

 -

1,233,770

1.76%

VitalFields

20.12.2013

 50,515

 -

 -

-

(50,515)

-

0.00%

The IRApp

16.08.2016

300,000

-

-

247,972

-

547,972

4.04%

Try the World

11.10.2016

18,250

-

-

(18,250)

-

-

0.00%

FullContact

11.01.2018

244,506

-

-

-

-

244,506

0.21%

ScentBird

13.04.2015

-

54,838

6,954,545

(3,668,979)

-

3,340,404

4.01%

Workiz

16.05.2016

-

13,817

150,000

100,061

-

263,878

2.93%

Vinebox

06.05.2016

-

-

450,015

-

-

450,015

2.41%

Total

 

57,120,436

74,053

7,581,837

22,974,039

(25,464,451)

62,285,914

 

 

(ii)           Convertible loan notes as at 31 December 2018:

Investee company

Date of initial investment

Value at 1 Jan 2018,

USD

Additions to convertible note investments during the period, USD

Amortised costs, USD

Conversions, USD

Gain/loss from changes in fair value of equity investments, USD

Value at 31 Dec 2018, USD

Term, years

Interest rate, %

Ninua

08.06.2011

250,000

-

-

-

(250,000)

-

1

5.00%

Sharethis

26.03.2013

570,126

-

(96)

-

-

570,030

5.0

1.09%

KitApps

10.07.2013

600,000

-

-

-

-

600,000

1.0

2.00%

ScentBird

13.04.2015

5,454,545

-

-

(5,454,545)

-

-

2.0

4.00%

Remot3.it

05.10.2015

27,277

-

-

(27,277)

-

-

1.0

7.70%

Workiz

16.05.2016

150,555

-

(555)

(150,000)

-

-

2.0

4.00%

eAgronom

31.08.2018

-

234,200

-

-

-

234,200

-

3.00%

Total

 

7,052,503

234,200

(651)

(5,631,822)

(250,000)

1,404,230

 

 

 

(iii)          SAFEs as at 31 December 2018:

Investee company

Date of initial investment

Value at 1 Jan 2018,

USD

Additions to convertible note investments during the period, USD

Conversions, USD

Gain/loss from changes in fair value of SAFE investments, USD

Disposals, USD

Value at 31 Dec 2018, USD

ScentBird

13.04.2015

1,500,000

-

(1,500,000)

-

-

-

Vinebox

06.05.2016

300,000

-

(450,015)

150,015

-

-

Sixa

28.07.2016

600,000

300,000

-

-

-

900,000

FriendlyData

21.07.2018

-

100,000

-

30,000

(130,000)

-

Spinbackup

17.12.2018

-

300,000

-

-

-

300,000

Total

 

2,400,000

700,000

(1,950,015)

180,015

(130,000)

1,200,000

 

11        Trade and other receivables

 

 

At 31 December 2018

 

At 31 December 2017

 

USD

 

USD

Prepayments

311,839

 

14,647

Other receivables

23,401,258

 

-

Interest receivable on promissory notes

89,683

 

142,217

Interest receivable on deposits

1,615

 

90

Loans to portfolio companies

-

 

15,000

 

23,804,395

 

171,954

 

Other receivables include the total net consideration due to the Company for the disposal of its entire holding in Wrike Inc. on 31 December 2018 for US$22.6 million, US$22.35m of which has been received post the year end and US$0.25 million is receivable as deferred consideration that will be payable subject to certain adjustments over a period of 18 months.

 

12        Cash and cash equivalents

 

The cash and cash equivalents as at 31 December 2018 include cash on hand and in banks, deposits, net of outstanding bank overdrafts.  The effective interest rate at 31 December 2018 was 1.25%.

 

Cash and cash equivalents comprise the following:

 

 

At 31 December 2018

 

At 31 December 2017

 

USD

 

USD

Deposits

1,500,000

 

150,000

Bank balances

1,770,088

 

835,692

 

3,270,088

 

985,692

 

The following table represents an analysis of cash and equivalents by rating agency designation based on Fitch rating or their equivalent:

 

At 31 December 2018

 

At 31 December 2017

 

USD

 

USD

Bank balances

 

 

 

BBB+ rating

1,770,088

 

835,692

 

1,770,088

 

835,692

Deposits

 

 

 

BBB rating

1,500,000

 

150,000

 

1,500,000

 

150,000

Total

3,270,088

 

985,692

 

13        Trade and other payables

 

 

At 31 December 2018

 

At 31 December 2017

 

USD

 

USD

Salaries payable

162,500

 

10,600

Directors' fees payable

9,183

 

 

Bonuses payable

720,632

 

-

Trade payables

789,265

 

43,995

Other current liabilities

100

 

-

Accruals

21,262

 

93,461

 

1,702,942

 

148,056

 

14        Other payables

 

 

At 31 December 2018

 

At 31 December 2017

 

USD

 

USD

Other non-current liabilities

-

 

150,000

 

-

 

150,000

 

15        Share capital

 

On 31 December 2018 the Company had an authorised share capital of unlimited ordinary shares of no par value and had issued ordinary share capital of:

 

At 31 December 2018

 

At 31 December 2017

 

 

USD

 

USD

 

Share capital

34,790,174

 

31,453,510

 

 

 

 

 

 

Issued capital comprises:

Number

 

Number

 

Fully paid ordinary shares

29,185,831

 

27,744,962

 

 

Number of shares

 

Share capital,

USD

Balance at 31 December 2017

27,744,962

 

27,744,962

Issue of ordinary shares

1,440,869

 

-

Balance at 31 December 2018

29,185,831

 

27,744,962

 

There have been no changes to the Company's ordinary share capital between the year-end date and the date of approval of these financial statements.

 

16           Capital management

 

The capital structure of the Company consists of equity share capital, reserves, and retained losses.

 

The Board's policy is to maintain a strong capital base so as to maintain investor and market confidence and to enable the successful future development of the business.

 

The Company is not subject to externally imposed capital requirements.

 

No changes were made to the objectives, policies and process for managing capital during the year.

 

17        Financial risk management and financial instruments

 

The Company has identified the following risks arising from its activities and has established policies and procedures to manage these risks.  The Company's principal financial assets are cash and cash equivalents, investments in equity shares, and convertible notes receivable.

 

Credit risk

As at 31 December 2018 the largest exposure to credit risk related to cash and cash equivalents (US$3,270,088) and other receivables (US$23,804,395).  The exposure risk is reduced because the counterparties are banks with high credit ratings ("BBB" Liquidity banks) assigned by international credit rating agencies.  The Directors intend to continue to spread the risk by holding the Company's cash reserves in more than one financial institution.

 

(i) Exposure to credit risk

The carrying amount of the following assets represents the maximum credit exposure.  The maximum exposure to credit risk as at 31 December is as follows:

 

At 31 December 2018

 

At 31 December 2017

 

USD

 

Convertible notes receivable & SAFEs

2,604,230

 

9,452,503

Trade and other receivables

23,804,395

 

171,954

Cash and cash equivalents

3,270,088

 

985,692

 

29,678,713

 

 

Market risk

The Company's financial assets are classified as financial assets at FVPL.  The measurement of the Company's investments in equity shares and convertible notes is largely dependent on the underlying trading performance of the investee companies, but the valuation and other items in the financial statements can also be affected by the interest rate and fluctuations in the exchange rate.

 

Interest rate risk

Changes in interest rates impact primarily cash and cash equivalents by changing either their fair value (fixed rate deposits) or their future cash flows (variable rate deposits).  Management does not have a formal policy of determining how much of the Company's exposure should be to fixed or variable rates.

 

As at 31 December 2018, the Company had a cash deposit of US$1,500,000, earning a variable rate of interest.  The Board monitors the interest rates available in the market to ensure that returns are maximised.

 

Foreign currency risk management

The Company is exposed to foreign currency risks on investments and salary and director remuneration payments that are denominated in a currency other than the functional currency of the Company.  The currency giving rise to this risk is primarily GBP and EUR. The exposure to foreign currency risk as at 31 December 2018 was as follows:

 

 

 

For the year ended 31/12/2018

For the year ended 31/12/2018

For the year ended 31/12/2017

For the year ended 31/12/2017

 

 

GBP

EUR

GBP

EUR

Current assets

 

 

 

 

 

Cash and cash equivalents

 

182,220

820 

27,726

 1,200 

Current liabilities

 

 

 

 

 

Trade and other payables

 

(139,547)

-

(25,389)

-

Net (short) long position

 

42,673

820

2,336

1,200

Net exposure currency

 

33,618

717

1,738

1,005

Net exposure currency (assuming a 10% movement in exchange rates)

 

38,406

738

2,103

1,080

Impact on exchange movements in the statement of comprehensive income

 

4,267

82

234

120 

 

 

 

The foreign exchange rates of the USD at 31 December were as follows:

 

 

31/12/2018

 

31/12/2017

Currency

 

 

 

 

 

British pounds, £

 

 

1.26936

 

1.3441

Euro, €

 

 

1.14400

 

1.1942

 

This analysis assumes that all other variables, in particular interest rates, remain constant.

 

Fair value and liquidity risk management

The Company's approach to managing liquidity is to ensure that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company.

 

The Company has low liquidity risk due to maintaining adequate banking facilities, by continuously monitoring actual cash flows and by matching the maturity profiles of financial assets and current liabilities.

 

As at 31 December 2018, the cash and equivalents of the Company were US$3,270,088.

 

The following are the maturities of current liabilities as at 31 December 2018:

 

 

Carrying amount

 

Within one year

 

2-5 years

 

More than 5 years

 

USD

 

USD

 

USD

 

USD

Salaries payable

162,500

 

162,500

 

-

 

-

Directors' fees payable

9,183

 

9,183

 

 

 

 

Bonuses payable

720,632

 

720,632

 

 

 

 

Trade payables

789,265

 

789,265

 

-

 

-

Other current liabilities

100

 

100

 

-

 

-

Accruals

21,262

 

21,262

 

 

 

 

 

1,702,942

 

1,702,942

 

-

 

-

 

The following table analyses the fair values of financial instruments measured at fair value by the level in the fair value hierarchy as at 31 December 2018:

 

 

Level 1

 

Level 2

 

Level 3

 

Total

 

USD

 

USD

 

USD

 

USD

Financial assets

 

 

 

 

 

 

 

Financial assets at FVPL

-

 

64,890,144

 

-

 

64,890,144

 

 

 

64,890,144

 

 

 

64,890,144

 

18        Related party transactions

 

Since May 2012, TMT's Moscow-based staff have been located in an office that belongs to a company ("Orgtekhnika") controlled by Mr. Alexander Morgulchik and Mr. German Kaplun, the Company's senior managers.  German Kaplun also owns 18.33% of the issued share capital of TMT.  Thus, Orgtekhnika is considered a related party.  Together with other related expenses (support personnel, company car, security services, etc.), the total office rent costs to TMT from 1 April 2017 has been US$7,883 per month.

 

 

 

On 29 March 2018, the Company announced that it had raised US$3.5 million (before expenses) from new and existing shareholders, at a price of US$2.43 per share.  The following related parties participated in the relevant share subscription:

 

 

No. of subscription shares

Consideration (US$)

 

Alexander Selegenev

20,576

50,000

Macmillan Trading Company Limited

144,033

350,000

 

As announced on 16 August 2018, the Company extended its Bonus Plan for the next three years (until 30 June 2021).  The Company's Directors Yuri Mostovoy and Alexander Selegenev, and German Kaplun, who is a substantial shareholder, are participants in the Company's Bonus Plan.

 

The Company's Directors receive fees and bonuses from the Company, details of which can be found in Note 6.

 

19        Subsequent events

 

Further to the Company's announcement of 2 January 2019 regarding the disposal of its entire holding in Wrike, on 11 January 2019 the Company confirmed receipt of the initial net consideration of US$22.3 million.  In April 2019, the Company received a further net cash consideration of US$54,414 in respect of the US$0.3 million deferred consideration.

 

In January 2019, the Company invested US$200,000 in Central American on-demand delivery service Hugo (www.hugoapp.com).

 

In February 2019, the Company received a total net cash consideration of US$547,972 for the disposal of its entire investment in The IRApp, Inc.

 

As announced on 26 February 2019, the Company invested US$2 million in MEL Science, an educational startup focused on early science education, with a combination of modern technologies and hands-on experience.  The company's main current products are monthly subscription to chemistry kits, and chemistry VR lessons for schools (www.melscience.com).

 

In June 2019, the Company invested £200,000 in UK InsurTech and HealthTech company HealthyHealth (www.healthyhealth.uk).

 

In June 2019, the Company's portfolio company PandaDoc, a document automation SaaS provider (www.pandadoc.com), completed a new equity funding round.  The transaction represents a revaluation uplift of US$0.98 million (or 79.5%) in the fair value of TMT's investment in PandaDoc, compared to the latest reported amount as of 31 December 2018.

 

20        Control

 

The Company is not controlled by any one party.  Details of significant shareholders are shown in the Directors' Report.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
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