TMT Investments cash position lifted by Wrike disposal

Technology-focussed venture capital company TMT Investments announced on Friday that, further to its announcement on 2 January about the disposal of its entire holding in Wrike, it had received initial net consideration of $22.3m.

The AIM-traded firm said deferred consideration of up to $0.3m remained payable, subject to certain adjustments, over a period of 18 months.

It confirmed that, after certain completion adjustments to the overall consideration, the net aggregate cash consideration due to it had been reduced by $0.3m to $22.6m.

“The disposal represents a substantial uplift in the valuation of TMT's investment in Wrike, and following receipt of $22.3m, the company's cash position has now increased significantly to over $25m,” the TMT board said in its statement.

“The company will continue to seek to identify and invest in opportunities within the technology sector to create significant shareholder value.”