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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| TMT Investments PLC | AQSE:TMT.GB | Aquis Stock Exchange | Ordinary Share | JE00B3RQZ289 | Ordianry Shares NPV |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.00 | - |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMTMT
RNS Number : 9506H
TMT Investments PLC
24 August 2016
24 August 2016
TMT INVESTMENTS PLC
("TMT" or the "Company")
Half year report for the six months to 30 June 2016
TMT Investments PLC, which invests in high-growth, internet-based companies across a variety of core specialist sectors, is pleased to announce its unaudited interim results for the half-year ended 30 June 2016.
-- Relatively quiet first 6 months of 2016 as portfolio matures, following an exceptional 2015 -- NAV per share of US$1.91 (unchanged from US$1.91 as of 31 December 2015) -- 1 profitable partial cash exit (Depositphotos) -- 2 impairments (WhalePath and Adinch) -- US$650,000 allocated to new and follow-on investments (Vinebox, Send A Job, and Attendify) -- Many portfolio companies continue to experience rapid growth
Alexander Selegenev, Executive Director, commented: "We are pleased to have effected a major partial disposal in cash of our stake in stock photo marketplace Depositphotos for US$5.83m net. This allowed us to keep investing in promising companies during the first half of 2016 as well as reinvesting in our most successful portfolio companies to date as they continue to grow. As the portfolio matures, it is not surprising to register some impairments, of which we made two in the first half of this year. Our well-diversified portfolio of 34 current investments registered a NAV of $1.91 per share as of 30 June 2016, in line with the value as of 31 December 2015".
Alexander Selegenev added: "TMT has successfully exited from 8 investments (including two partial exits) since inception in 2010 to date. This demonstrates the management team's ability to identify highly promising companies with exceptional leadership at an early stage. We are continuing to closely review potential exit and secondary market transactions in our portfolio".
For further information contact:
TMT Investments Plc +44 1534 281 843 Alexander Selegenev alexander.selegenev@tmtinvestments.com www.tmtinvestments.com ZAI Corporate Finance Ltd. NOMAD Peter Trevelyan-Clark/Jamie Spotswood +44 20 7060 2220 Hybridan LLP Broker Claire Louise Noyce +44 20 3764 2341 Kinlan Communications Tel. +44 20 7638 3435 David Hothersall davidh@kinlan.net
About TMT Investments
TMT Investments PLC invests in high-growth, internet-based companies across a variety of core specialist sectors and has a significant number of Silicon Valley investments in its portfolio. Founded in 2010, TMT has net assets of US$53m and has invested in over 40 companies to date. 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
EXECUTIVE DIRECTOR'S STATEMENT
Portfolio Performance
Following the exceptional performance in calendar year 2015, in which over 10 of the Company's portfolio companies experienced positive revaluations for a total of US$18.5 million, the first half of 2016 was relatively quiet as the portfolio continued to mature. A key highlight was the partial disposal of our successful investment in stock photo marketplace Depositphotos, which significantly improved the Company's cash position. We continue to pursue a conservative approach to valuations of poorly performing assets and wrote down two of our investee companies at the 2016 first half period end for a combined total of $2.02 million. This was more than offset by the $2.55 million fair value uplift on the partial disposal of our investment in Depositphotos.
The following developments took place within the Company's portfolio in the first half of 2016:
Cash and partial cash exits, and positive non-cash revaluations:
-- As announced on 29 March 2016, the Company sold a sizable part of its holding in Depositphotos for a cash consideration of US$5.85 million (US$5.83 million net) to a private European investor. The transaction represented an approximately 5.5 times increase in the valuation of TMT's holding in Depositphotos since its original investments in 2011, 2012 and 2015, and an approximately US$2.55 million (or 18%) uplift in fair value compared to the previously reported amount as of 31 December 2015. The Company's remaining fully diluted equity stake in Depositphotos is approximately 16.7% which, with a carrying value of US$10.84 million, remains our largest investment at 23% of the total value of our investment portfolio.
Impairments and write-offs:
-- In the first half of 2016, Whale Path, Inc. suspended its operations after not securing further funding. Accordingly, the Company incurred an impairment charge equal to 100% of the previously reported fair value of the Company's investment, as well as unpaid accumulated interest payable to TMT of approximately US$220,000 in total.
-- Online advertising platform Adinch, in which TMT invested in 2013, has suffered from the challenging economic conditions in Russia in the last two years, as well as certain recent operating issues. Accordingly, the Board of TMT considers it prudent to incur an impairment charge equal to US$1.8 million, or 75% of the fair value of the Company's investment in Adinch reported as of 31 December 2015.
New investments
In the first half of 2016, the Company invested US$300,000 in wine-by-the-glass subscription club Vinebox, Inc. (www.getvinebox.com), US$150,000 in field service management software provider Send A Job Inc. (www.sendajob.com), as well as an additional US$200,000 in KitApps Inc., the provider of Attendify, the mobile app platform for the events industry (www.attendify.com).
NAV per share
The Company's net asset value per share as of 30 June 2016 was US$1.91 (unchanged from US$1.91 as of 31 December 2015).
Operating Expenses
In the first half of 2016, the Company's Administrative Expenses of US$476,814 were in line with the first half of 2015 level (US$484,113). A bonus scheme charge of US$837,361, related to the first year of the Company's bonus plan covering the period from 1 July 2015 to 30 June 2016, was incurred during the period.
Financial position
As of 30 June 2016, the Company had US$5.92 million in cash reserves (US$1.16 million at 31 December 2015). As of the date of this report, the Company has no debt and approximately US$5.02 million in cash reserves.
Events after the reporting period and outlook
In July 2016, the Company invested US$300,000 in cloud-based PC emulator Sixa, Inc. (www.sixa.io). In August 2016, the Company invested an additional US$200,000 in native video advertising platform Virool, Inc. (www.virool.com) and US$300,000 in Theirapp, Inc., developer of APPrise-branded mobile apps for the public relations, investor relations, and corporate communications industries (www.apprise-mobile.com).
With many of our portfolio companies experiencing rapid growth, we expect a number of positive revaluations of our investee companies in the future, as we achieve exits or investee companies complete future equity financing rounds, and will update shareholders as appropriate.
Statement of Comprehensive Income
Hot Features
Premium
For the For the For the
six months six months year
ended ended ended
30/06/2016 30/06/2015 31/12/2015
Notes USD USD USD
Gain / (loss) on investments 3 3,822,536 41,354 (2,215,983)
------------------------------ ------ ------------ ------------ ------------
3,822,536 41,354 (2,215,983)
Expenses
Share-based payment
charge - (27,349) (45,028)
Bonus scheme payment (837,361) - -
charge
Administrative expenses 5 (476,814) (484,113) (997,705)
------------------------------ ------ ------------ ------------ ------------
Operating profit /
(loss) 2,508,361 (470,108) (3,258,716)
Net finance income 7 1,914 5,085 7,964
------------------------------ ------ ------------ ------------ ------------
Profit / (loss) before
taxation 2,510,275 (465,023) (3,250,752)
Taxation 8 - - -
------------------------------ ------ ------------ ------------ ------------
Profit / (loss) attributable
to equity shareholders 2,510,275 (465,023) (3,250,752)
Other comprehensive
income for the year:
Change in fair value
of available-for-sale
financial assets 10 (3,275,200) 4,645,399 18,505,974
------------------------------ ------ ------------ ------------ ------------
Total comprehensive
(loss) / income for
the period (764,925) 4,180,376 15,255,222
------------------------------ ------ ------------ ------------ ------------
Profit / (loss) per
share
Basic and diluted profit
/ (loss) per share
(cents per share) 9 9.05 (1.68) (11.75)
------------------------------ ------ ------------ ------------ ------------
Statement of Financial Position
At 30 June At 31 December
2016 2015
USD USD
Notes
Non-current assets
Investments in equity
shares 10 44,400,928 49,483,857
Convertible loan notes
receivable 10 2,652,789 2,202,649
Total non-current assets 47,053,717 51,686,506
Current assets
Trade and other receivables 11 206,081 178,640
Cash and cash equivalents 12 5,923,779 1,159,789
Total current assets 6,129,860 1,338,429
Total assets 53,183,577 53,024,935
Current liabilities
Trade and other payables 13 125,583 39,377
Total liabilities 125,583 39,377
----------------------------- ------ -------------------- ---------- ------------------------
Net assets 53,057,994 52,985,558
----------------------------- ------ -------------------- ---------- ------------------------
Equity
Share capital 14 31,453,510 31,453,510
Share-based payment
reserve 15 165,454 165,454
Bonus scheme payment
reserve 16 837,361 -
Fair value reserve 16 25,339,392 28,614,592
Retained losses 16 (4,737,723) (7,247,998)
Total equity 53,057,994 52,985,558
----------------------------- ------ -------------------- ---------- ------------------------
Statement of Cash Flows
For the For the
six month six month
ended 30/06/2016 ended 30/06/2015
USD USD
Notes
Operating activities
Operating profit/(loss) 2,508,361 (470,108)
----------------------------------------------- ----- ----------------- -----------------
Adjustments for non-cash items:
Profit on disposal of available-for-sale
assets 3 (5,025,303) -
Gain on conversion of loan notes
to equity - (68,741)
Impairment of available-for-sale
assets and accrued interest 3 1,223,568 -
Share-based payment charge 15 - 27,349
Bonus scheme payment charge 837,361 -
Amortized costs of convertible
notes receivable 3 2,708 3,507
(453,305) (507,993)
----------------------------------------------- ----- ----------------- -----------------
Changes in working capital:
(Increase)/decrease in trade
and other receivables 11 (46,857) 21,302
Increase/(decrease) in trade
and other payables 13 86,206 (12,100)
Net cash used by operating activities (413,956) (498,791)
----------------------------------------------- ----- ----------------- -----------------
Investing activities
Interest received 7 1,914 5,085
Purchase of available-for-sale
assets 10 (653,000) (305,000)
Proceeds from sale of available-for-sale
assets 5,829,032 -
----------------------------------------------- ----- ----------------- -----------------
Net cash used by investing activities 5,177,946 (299,915)
----------------------------------------------- ----- ----------------- -----------------
Financing activities
Net cash from financing activities - -
----------------------------------------------- ----- ----------------- -----------------
Increase/(decrease) in cash and
cash equivalents 4,763,990 (798,706)
----------------------------------------------- ----- ----------------- -----------------
Cash and cash equivalents at the
beginning of the year 12 1,159,789 2,639,070
----------------------------------------------- ----- ----------------- -----------------
Cash and cash equivalents at the
end of the year 12 5,923,779 1,840,364
----------------------------------------------- ----- ----------------- -----------------
Statement of Changes in Equity
Share capital Share-based Bonus payment Fair value Retained Total
payment reserve reserve losses
reserve
Notes USD USD USD USD USD USD
Balance at 1
January 2015 31,453,510 392,659 - 10,108,618 (4,269,479) 37,685,308
---------------- ------ -------------- -------------- -------------- -------------- --------------- -----------
Total
comprehensive
income/(loss)
for the year - - - 18,505,974 (3,250,752) 15,255,222
Share-based
payment charge 15 - 45,028 - - - 45,028
Bonus scheme - - - - - -
payment charge
Transfer on
exercise/Lapse
of share
options 15 - (272,233) - - 272,233 -
Balance at 31
December 2015 31,453,510 165,454 - 28,614,592 (7,247,998) 52,985,558
---------------- ------ -------------- -------------- -------------- -------------- --------------- -----------
Total
comprehensive
income/(loss)
for the year - - - (3,275,200) 2,510,275 (764,925)
Share-based 15 - - - - - -
payment charge
Bonus scheme
payment charge - - 837,361 - - 837,361
Transfers on 15 - - - - - -
exercise /
lapse of share
options
---------------- ------ -------------- -------------- -------------- -------------- --------------- -----------
Balance at 30
June 2016 31,453,510 165,454 837,361 25,339,392 (4,737,723) 53,057,994
---------------- ------ -------------- -------------- -------------- -------------- --------------- -----------
NOTES TO THE FINANCIAL STATEMENTS FOR THE SIX MONTHSED 30 JUNE 2016
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 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 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.
The financial information relating to the six months ended 30 June 2016 is unaudited and does not constitute statutory accounts. The comparative figures for the financial year ended 31 December 2015 are not the Company's statutory accounts for that financial year. Statutory accounts for the year ended 31 December 2015 were approved by the Board of Directors on 18 March 2016. The report of the auditors on those accounts was unqualified, did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report and did not contain any qualification.
These unaudited interim financial results were approved by the Board of Directors on 23 August 2016 and are available on the Company's website http://www.tmtinvestments.com/investor-relations/financial-reports/.
2. Summary of significant accounting policies 2.1 Basis of presentation
The accounting policies applied by the Company in these unaudited interim results are based on International Financial Reporting Standards as adopted by the European Union, including IAS 34 'Interim Financial Reporting', and in accordance with the accounting policies which are the same as those applied by the Company in its financial statements for the year ended 31 December 2015.
The Company's financial risk management objectives and policies are consistent with that disclosed in the financial statements for the year ended 31 December 2015.
For the purposes of IFRS 8 'Operating Segments' the Company currently has one segment, being 'Investing in the TMT sector'. No further operating segment financial information is therefore disclosed
2.2 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.
Conversation rates, USD
---------------------------------------------------------
Currency Average
rate, for
six months
At 30.06.2016 ended 30/06/2016
----------------- -------------- ------------------
British pounds,
GBP 1.3466 1.4350
Euro, EUR 1.1128 1.1129
--------------------- -------------- ------------------
3 Gain on investments
For six months ended 30/06/2016 For six months
ended 30/06/2015
USD USD
Gross interest income from convertible notes receivable 23,509 44,861
Amortized costs of convertible notes receivable (2,708) (3,507)
Net interest income from convertible notes receivable 20,801 41,354
Profit on disposal of equity investments 5,025,303 -
Impairment of available-for-sale assets (1,223,568) -
Total gain (losses) on investments 3,822,536 41,354
--------------------------------------------------------- -------------------------------- ------------------
4 Segmental analysis
Geographic information
The Company has investments in six principal geographical areas - USA, Israel, BVI, Estonia, Cyprus, and Russia.
Non-current financial assets
As at 31/12/2015
USA Israel BVI Cyprus Estonia Russia Total
USD USD USD USD USD USD USD
-------------------- ----------- ---------- -------- -------- -------- ------- -----------
Equity investments 45,507,167 2,973,369 305,050 465,921 173,254 59,096 49,483,857
Convertible
notes 2,202,649 - - - - - 2,202,649
-------------------- ----------- ---------- -------- -------- -------- ------- -----------
Total 47,709,816 2,973,369 305,050 465,921 173,254 59,096 51,686,506
-------------------- ----------- ---------- -------- -------- -------- ------- -----------
As at 30/06/2016
USA Israel BVI Cyprus Estonia Russia Total
USD USD USD USD USD USD USD
-------------------- ----------- ---------- -------- -------- -------- ------- -----------
Equity investments 40,424,238 2,973,369 305,050 465,921 173,254 59,096 44,400,928
Convertible
notes 2,652,789 - - - - - 2,652,789
-------------------- ----------- ---------- -------- -------- -------- ------- -----------
Total 43,077,027 2,973,369 305,050 465,921 173,254 59,096 47,053,717
-------------------- ----------- ---------- -------- -------- -------- ------- -----------
5 Administrative expenses
Administrative expenses include the following amounts:
For six months ended 30/06/2016 For six months ended
30/06/2015
USD USD
------------------------------- -------------------------------- ---------------------
Staff expenses (note 6) 292,934 297,790
Professional fees 72,761 65,986
Legal fees 2,409 16,220
Bank and LSE charges 9,218 8,086
Audit and accounting fees 14,046 8,083
Rent 7,000 49,384
Other expenses 60,758 37,048
Currency exchange loss/(gain) 17,688 1,516
------------------------------- -------------------------------- ---------------------
476,814 484,113
------------------------------- -------------------------------- ---------------------
6 Staff expenses
For six months ended 30/06/2016 For six months ended 30/06/2015
USD USD
-------------------- -------------------------------- --------------------------------
Directors' fees 94,694 99,550
Wages and salaries 198,240 198,240
292,934 297,790
-------------------- -------------------------------- --------------------------------
Wages and salaries shown above include salaries and bonuses relating to the six months ended 30 June. These costs are included in administrative expenses. There are no employment expenses for share-based payments (for the six months ended 30 June 2015: $27,349).
The average number of staff employed (excluding Directors) by the Company during the six months ended 30 June was 5 (for the year ended 31 December 2015: 5).
The Directors' fees for the six months ended 30 June 2016 and 2015 were as follows:
For six months ended 30/06/2016 For six months ended
30/06/2015
USD USD
---------------------- -------------------------------- ---------------------
Alexander Selegenev 50,475 54,265
Yuri Mostovoy 25,000 25,000
James Joseph Mullins 14,219 15,285
Petr Lanin 5,000 5,000
---------------------- -------------------------------- ---------------------
94,694 99,550
---------------------- -------------------------------- ---------------------
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.
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 Directors fees, bonuses and share options.
7 Net finance income
For six months ended 30/06/2016 For six months ended 30/06/2015
USD USD
----------------- -------------------------------- --------------------------------
Interest income 1,914 5,085
1,914 5,085
----------------- -------------------------------- --------------------------------
8 Income tax expense
For six months ended For six months ended 30/06/2015
30/06/2016
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 Profit / (loss) per share
The calculation of basic profit per share is based upon the net profit for the six months ended 30 June 2016 attributable to the ordinary shareholders of US$2,510,275 (for the six months ended 30 June 2015: net loss of US$465,023) and the weighted average number of ordinary shares outstanding calculated as follows:
Profit / (loss) per share For the six months ended 30/06/2016 For the six months
ended 30/06/2015
--------------------------------------------------------- ------------------------------------ -------------------
Basic profit/(loss) per share (cents per share) 9.05 (1.68)
Profit/(loss) attributable to equity holders of the
entity 2,510,275 (465,023)
--------------------------------------------------------- ------------------------------------ -------------------
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 For the six months ended 30/06/2016 For the six months ended 30/06/2015
the year outstanding)
---------------------------------------- ------------------------------------ ------------------------------------
Weighted average number of shares in
issue
Ordinary shares 27,744,962 27,744,962
27,744,962 27,744,962
---------------------------------------- ------------------------------------ ------------------------------------
Effect of dilutive potential ordinary
shares
Share options (15,279) 361,221
---------------------------------------- ------------------------------------ ------------------------------------
Weighted average of shares for the year
(fully diluted) 27,729,683 28,106,183
---------------------------------------- ------------------------------------ ------------------------------------
The diluted profit / (loss) per share for both 2016 and 2015 is kept the same as the basic profit / (loss) per share because the conversion of the share options decreases the basic profit / (loss) per share and is therefore anti-dilutive.
10 Non-current financial assets
At 30 June 2016 At 31 December 2015
Available-for-sale financial assets, USD:
Investments in equity shares (i)
- unlisted shares 44,400,928 49,483,857
Convertible notes receivable (ii)
- promissory notes 2,652,789 2,202,649
------------------------------------------- ---------------- --------------------
47,053,717 51,686,506
------------------------------------------- ---------------- --------------------
Reconciliation of fair value measurements of non-current financial assets:
Available-for-sale Total
----------------------------------------------- ---------------------------------- ------------
Unlisted Convertible
shares notes
USD USD USD
----------------------------------------------- ---------------- ---------------- ------------
Balance as at 1 January 2015 31,854,151 3,091,702 34,945,853
------------------------------------------------ ---------------- ---------------- ------------
Total gains or losses in 2015:
- in profit or loss - impairment (2,292,123) - (2,292,123)
- in other comprehensive income 18,505,974 - 18,505,974
Purchases (including consulting & legal fees) 1,060,745 501,018 1,561,763
Disposal of investment (carrying value) (1,028,428) (6,533) (1,034,961)
Conversion of notes to equity and net gain 1,383,538 (1,383,538)
------------------------------------------------ ---------------- ---------------- ------------
Balance as at 31 December 2015 49,483,857 2,202,649 51,686,506
------------------------------------------------ ---------------- ---------------- ------------
Total gains or losses in 2016:
- in profit or loss - impairment (1,004,000) (219,568) (1,223,568)
- in other comprehensive income (3,275,200) - (3,275,200)
Purchases (including consulting & legal fees) - 653,000 653,000
Disposal of investment (carrying value) (803,729) (2,708) (806,437)
Conversion and other movements - 19,416 19,416
------------------------------------------------ ---------------- ---------------- ------------
Balance as at 30 June 2016 44,400,928 2,652,789 47,053,717
------------------------------------------------ ---------------- ---------------- ------------
Available-for-sale investments are carried at fair values. Where financial assets do not have a quoted market price in an active market and their fair values cannot be reliably measured they are measured at cost less any identified impairment losses at the end of reporting period, in accordance with IAS 39 para 46 (c) exemption.
Where there has been a relevant transaction during the year that gives an indication of the fair value of the unlisted shares, the shares are included at that fair value and the increase or decrease in fair value is recognised in the fair value reserve. The "price of recent investment" methodology is used mainly for investments in venture capital companies and includes cost of investment or valuation by reference to a subsequent financing round. Valuation increases above cost are only recognised if that round involved a new external investor and the company is meeting milestones set by investor.
(i) Equity investments as at 30 June 2016:
Investee Date Value Additions Capitalized Gain/loss Other Disposals, Value Equity
company of at to consulting from impairments, USD at stake
initial 1 Jan equity and changes USD 30 owned
investment 2016, investments legal in Jun
USD during fees, fair 2016,
the USD value USD
period, of
USD equity
investments,
USD
--------------- ------------ ----------- ------------ ------------ ------------- ------------- ------------ ----------- -------
Unicell 15/09/2011 1,455,088 - - - - - 1,455,088 10.00%
DepositPhotos 26/07/2011 14,119,033 - - - - (3,282,928) 10,836,105 16.67%
RollApp 19/08/2011 600,000 - - - - - 600,000 10.00%
Wanelo 21/11/2011 5,369,400 - - - - - 5,369,400 4.73%
Gild 05/12/2011 549,345 - - - - - 549,345 1.04%
ThusFresh 26/03/2012 379,355 - - - - - 379,355 3.53%
Backblaze 24/07/2012 9,624,277 - - - - - 9,624,277 15.34%
UM Liquidating
Trust 15/07/2014 29,273 - - - - - 29,273 5.89%
Gentoo
LABS 17/09/2012 260,000 - - - - - 260,000 6.88%
Favim
Holding 24/10/2012 305,050 - - - - - 305,050 20.00%
Appsindep 12/11/2012 465,921 - - - - - 465,921 19.24%
Virool 29/08/2012 1,813,851 - - - - - 1,813,851 1.69%
Adinch 19/02/2013 2,400,001 - - (796,001) (1,004,000) - 600,000 22.43%
Tracks
Media 24/11/2011 146,229 - - - - - 146,229 -
Wrike 12/06/2012 4,303,578 - - - - - 4,303,578 3.68%
Oriense 27/01/2014 59,096 - - - - - 59,096 5.45%
E2C 15/02/2014 136,781 - - - - - 136,781 5.51%
Drippler 01/05/2014 302,400 - - - - - 302,400 1.45%
Weaved 13/06/2014 255,000 - - - - - 255,000 2.44%
Le Tote 21/07/2014 1,068,878 - - - - - 1,068,878 1.62%
Anews 25/08/2014 1,000,000 - - - - - 1,000,000 9.41%
Twtrland 01/09/2014 155,000 - - - - - 155,000 3.27%
Drupe
Mobile 02/09/2014 595,142 - - - - - 595,142 7.47%
Taxify 15/09/2014 328,958 - - - - - 328,958 2.80%
Pipedrive 30/07/2012 3,095,439 - - - - - 3,095,439 4.43%
QuoteRoller 11/07/2014 493,508 - - - - - 493,508 2.70%
VitalFields 20/12/2013 173,254 - - - - - 173,254 2.23%
Total 49,483,857 - - (796,001) (1,004,000) (3,282,928) 44,400,928
----------------------------- ----------- ------------ ------------ ------------- ------------- ------------ ----------- -------
(ii) Convertible loan notes as at 30 June 2016:
Investee Date of Value at Additions Capitalized Amortized Internal Profit on Disposals, Value at Term, Interest
company initial 1 Jan to consulting costs, movements, disposal/ USD 30 Jun years rate, %
investment 2016, convertible and legal USD USD Impairment 2016, USD
USD note fees, USD charge,
investments USD
during the
period, USD
----------- ------------ ---------- ------------ ------------ ---------- ----------- ----------- ----------- ---------- ------ ---------
Ninua 08/06/2011 500,000 - - - - - - 500,000 1.5 5.00%
Sharethis 26/03/2013 570,925 - - (199) - - - 570,726 5.0 1.09%
KitApps 10/07/2013 400,047 200,000 - (47) - - - 600,000 1.0 2.00%
Gentoo
LABS 21/05/2014 100,133 - - (133) - - - 100,000 2.0 0.28%
Whale Path 02/06/2014 201,055 - - (903) 19,416 (219,568) - - - -
ScentBird 13/04/2015 403,212 - - (1,243) - - - 401,969 2.0 4.00%
Weaved 05/10/2015 27,277 - - - - - - 27,277 1.0 7.70%
Send a Job 16/05/2016 - 150,000 3,000 (183) - - - 152,817 2.0 4.00%
Vinebox 06.05.2016 - 300,000 - - - - - 300,000
------------ ------------
Total 2,202,649 650,000 3,000 (2,708) 19,416 (219,568) - 2,652,789
------------------------- ---------- ------------ ------------ ---------- ----------- ----------- ----------- ---------- ------ ---------
11 Trade and other receivables
At 30 June 2016 At 31 December 2015
USD USD
----------------------------------------- ---------------- --------------------
Prepayments 23,532 15,174
Interest receivable on promissory notes 165,518 163,165
Interest receivable on deposits 291 301
Loans to portfolio companies 16,740 -
206,081 178,640
----------------------------------------- ---------------- --------------------
12 Cash and cash equivalents
The cash and cash equivalents as at 30 June 2016 include cash on hand and in banks, deposits, net of outstanding bank overdrafts. The effective interest rate at 30 June 2016 was 0.7%.
Cash and cash equivalents comprise the following:
At June 2016 At December 2015
USD USD
--------------- ------------- -----------------
Deposits 500,000 500,000
Bank balances 5,423,779 659,789
--------------- ------------- -----------------
5,923,779 1,159,789
--------------- ------------- -----------------
The following table represents an analysis of cash and equivalents by rating agency designation based on Fitch rating or their equivalent:
At 30 June 2016 At 31 December 2015
USD USD
--------------- ---------------- --------------------
Bank balances
A rating 5,423,779 659,789
--------------- ---------------- --------------------
5,423,779 659,789
--------------- ---------------- --------------------
Deposits
A rating 500,000 500,000
--------------- ---------------- --------------------
500,000 500,000
--------------- ---------------- --------------------
5,923,779 1,159,789
-------------------------------- --------------------
13 Trade and other payables
At 30 June 2016 At 31 December 2015
USD USD
-------------------------------------- ---------------- --------------------
Salaries and directors' fees payable 91,222 7,471
Trade payables 29,398 6,992
Other current liabilities 250 92
Accrued expenses 4,713 24,822
125,583 39,377
-------------------------------------- ---------------- --------------------
14 Share capital
On 30 June 2016 the Company had an authorised share capital of unlimited shares of no par value and had issued share capital of:
At 30 June 2016 At 31 December 2015
USD USD
--------------------------------- ----------------- --------------------
Share capital 31,453,510 31,453,510
Issued capital comprises: Number Number
Fully paid ordinary shares 27,744,962 27,744,962
--------------------------------- ----------------- --------------------
Number of shares Share capital,
USD
--------------------------------- ----------------- ----------------------
Balance at 31 December 2015 27,744,962 31,453,510
Issue of shares - -
Share buy-back and cancellation - -
Balance at 30 June 2016 27,744,962 31,453,510
--------------------------------- ----------------- ----------------------
15 Share-based payments
For the six months ended 30/06/2016 For the six months
ended 30/06/2015
USD USD
------------------------------------- ------------------------------------- -------------------
Share option (compensation expense) - 27,349
------------------------------------- -------------------------------------- -------------------
Total share-based payment charge - 27,349
------------------------------------- -------------------------------------- -------------------
On 24 October 2012, Board of Directors approved a share option plan (the "Plan") for directors, officers, employees of or consultants to the Company and/or any company directly or indirectly controlled by the Company.
Under the Plan, options for a total of 7,500,000 ordinary shares in the Company, representing approximately 30% of the then issued share capital (or 23% of the enlarged share capital at the time, assuming full exercise of the options), could be made available at an exercise price determined by the Board or its remuneration committee, which would not be less than the closing middle market price for the Company's share on AIM on the date of grant as published by or on behalf of the London Stock Exchange plc.
Options were to vest on a daily basis over a period of 3 years whilst the option holder remains eligible, and vested options could be exercised on each anniversary of the grant, but if not exercised within 1 year from the allowable date of exercise, would lapse.
The following options, without performance conditions, have been granted under the Plan on 24 October 2012:
Option
Price Option Option
Option Year Price Year Price
Name Shares 1 2 Year 3
---------------------- ---------- -------- ------------ --------
German Kaplun
(Employee) 1,125,000 US$1.40 US$1.55 US$1.70
Alexander Morgulchik
(Employee) 1,125,000 US$1.40 US$1.55 US$1.70
Alexander Selegenev
(Director) 1,125,000 US$1.40 US$1.55 US$1.70
Artyom Inyutin
(Employee) 1,125,000 US$1.40 US$1.55 US$1.70
Yuri Mostovoy
(Director) 562,500 US$1.40 US$1.55 US$1.70
Alexander Pak
(Employee) 300,000 US$1.40 US$1.55 US$1.70
Levan Kavtaradze
(Employee) 150,000 US$1.40 US$1.55 US$1.70
TOTAL 5,512,500
---------------------- ---------- -------- ------------ --------
The fair value of services received in return for share options granted is based on the fair value of share options and warrants granted, measured using the Black-Scholes formula, using the following assumptions:
(in USD, except Option Option Option for number of shares Price Price Year Price and percent) Year 1 2 Year 3 ----------------------- ---------- ------------ ---------- Number of share options granted 1,837,500 1,837,500 1,837,500 Fair value of share option at date of grant 0.25 0.15 0.09 Share price at date of grant 1.65 1.65 1.65 Exercise price 1.40 1.55 1.70 Expected volatility, per cent 9.39% 9.39% 9.39% Option life, years 0-1 0-2 0-3 Expected dividends, percent 0 0 0 Risk free interest rate, percent 0.41% 0.41% 0.41% ------------------------- ---------- ------------ ----------
Expected volatility is estimated from the Company's share price performance on AIM.
Weighted average
Number exercise price
of shares of share options
---------------------------- ----------- ------------------
Outstanding share options
at 31 December 2015 1,837,500 1.70
Options exercised during
six months ended 30 June
2016 - -
Options expired during the
six months ended 30 June
2016 - -
Outstanding shares at 30
June 2016 1,837,500 1.70
Exercisable share options
at 30 June 2016 1,837,500 1.70
---------------------------- ----------- ------------------
16 Reserves
Share-based payment Bonus scheme Fair value reserve Retained losses Total
reserve payment reserve USD USD USD
USD USD
--------------------- -------------------- -------------------- ------------------- ---------------- ------------
Balance as at 1
January 2015 392,659 - 10,108,618 (4,269,479) 6,231,798
--------------------- -------------------- -------------------- ------------------- ---------------- ------------
Loss for the year - - - (3,250,752) (3,250,752)
Gain from changes in
fair value - - 18,505,974 - 18,505,974
Share-based payment
charge 45,028 - - - 45,028
Bonus scheme payment - - - - -
charge
Transfer on lapse of
share options (272,233) - - 272,233 -
Balance as at 31
December 2015 165,454 - 28,614,592 (7,247,998) 21,532,048
---------------------
Profit for the year - - - 2,510,275 2,510,275
Loss from changes in
fair value - (3,275,200) - (3,275,200)
Share-based payment - - - - -
charge
Bonus scheme payment
charge - 837,361 - - 837,361
Transfer on exercise
of share options - - - - -
--------------------- -------------------- -------------------- ------------------- ---------------- ------------
Balance as at 30
June 2016 165,454 837,361 25,339,392 (4,737,723) 21,604,484
--------------------- -------------------- -------------------- ------------------- ---------------- ------------
17 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 and applicable employees. German Kaplun also owns 9.64% 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 February 2015 were US$7,000 per month, and from 1 February 2016 temporarily reduced to zero.
18 Subsequent events
In July 2016, the Company invested US$300,000 in cloud-based PC emulator Sixa, Inc. (www.sixa.io). In August 2016, the Company invested an additional US$200,000 in native video advertising platform Virool, Inc. (www.virool.com) and US$300,000 in Theirapp, Inc., developer of APPrise-branded mobile apps for the public relations, investor relations, and corporate communications industries (www.apprise-mobile.com).
END
IR UOANRNAAWUAR
(END) Dow Jones Newswires
August 24, 2016 02:00 ET (06:00 GMT)
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