TMT Investments Plc, a venture capital company investing in high-growth technology companies, will today commence a share buyback programme.

The programme will be up to an aggregate consideration of up to $2m, with the intention of purchasing approximately 2.54% of its issued share capital. It will operate until 19th December 2025.

The board of directors believe that the current share price trades at a significant discount to the company’s intrinsic value. “The purpose of the programme is therefore to seek to take advantage of this discount to enhance Net Asset Value (NAV) per share, reduce the company’s share capital, and return value to its shareholders,” it stated.

AIM-listed TMT’s share price has risen 3% this morning on the announcement. However it is 18% down in the year-to-date.

Founded in 2010, it has a current investment portfolio of over 50 companies and net assets of $214m.