StockMarketWire.com - TMT Investments, which invests in high-growth, internet-based companies with the potential to become multinational businesses, has disposed of its entire equity stake in Berryman Capital Group for a total cash consideration of $1.2m.
It originally acquired new shares representing 20% of Berryman's equity capital for an aggregate consideration of $1m on 30 August 2011.
The cash consideration represents a 20% increase from Berryman's latest carrying value of $1m on TMT's balance sheet as of 30 June 2012. The company expects receipt of the consideration within the next five days.
Alexander Selegenev, Executive Director of TMT Investments, commented: "Given the dynamic nature of the internet market, TMT continuously analyses the developing trends and future potential of the different segments in the sector and the performance of its portfolio companies in order to reallocate capital effectively.
"Although we naturally target higher return rates, in the case of Berryman we decided that realising a 20% cash return over the investment period of approximately 15 months was a good deal for the company's shareholders. We continue to have exposure to the online gaming opportunity via our recent investment in AppsIndep, a high-growth MMO games developer."
At 10:32am: [LON:TMT] TMT Group share price was +0.01p at 1.61p
Story provided by StockMarketWire.com
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