TMT Investments sees NAV slip in first half
By Josh White
Date: Tuesday 15 Sep 2020
(Sharecast News) - Technology-focussed venture capital company TMT Investments reported a net asset value per share of $3.46 (£2.68) in its first half on Tuesday, making for a decrease of 1.7% from its year-end figure for 2019.
The AIM-traded firm said the Covid-19 pandemic had a "mostly neutral or positive" effect on its portfolio companies, reporting $1.57m in positive revaluations on PandaDoc and HealthyHealth, and $2.75m in impairments on Le Tote.
It said the majority of its portfolio companies had continued to grow at double digits, with some investees specifically benefiting from the coronavirus-related market changes, including MEL Science, Vinebox, Legionfarm, Hugo, ClassTag and Scentbird.
A number of portfolio companies also raised capital in the six months ended 30 June at "significantly higher" conversion caps, creating future revaluation upside potential, including Bolt, Legionfarm, and ClassTag.
Two new investments were made in the first half, the board noted, being ClassTag and 3S Money Club.
Since the period ended. TMT said it had completed a further six investments in new companies, being Moeco, Volumetric, and Feel Holdings, and existing ones, including Pipedrive, Hugo, and Scentbird, adding that it remained "well-funded" to continue to expand and support its investment portfolio.
"We are pleased to see that the majority of our portfolio companies continue to grow in double digits and that a number of them are directly benefiting from Covid-related market changes," said executive director Alexander Selegenev.
"Demand among investors to invest in the tech winners of tomorrow remains very strong and competition to invest in the best companies at attractive valuations is fierce.
"We have continued to diligently scour and research the market during this turbulent time, in the belief that crises can generate excellent investment opportunities."
Selegenev said that had led to two new investments during the period in companies that were growing strongly.
"We expect a number of positive revaluations across our portfolio in the next months and will update shareholders on relevant developments as appropriate."
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