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At its meeting on 01 August 2017 our Board of Directors resolved to participate in Actus Asset Management A.Ş. Logo Ventures Private Equity Investment Fund, which is going to be established pursuant to the Communiqué on Principles of Private Equity Investment Funds (III-52.4) promulgated on the Official Gazette No. 28870 dated January 2, 2014, with an investment amounting to 20% of the outstanding shares of the fund. The application has been made before the Capital Markets Board ("CMB") for the establishment of Actus Asset Management A.Ş. Logo Ventures Private Equity Investment Fund as a regulated Private Equity Investment Fund to be managed under the Turkish Law and regulated by the CMB pursuant to the Communiqué on Principles of Private Equity Investment Funds. Subject to the relevant regulations, the contemplated fund will conduct high-risk venture capital investments in the form of debt, equity or combination of both or by similar means in promising technology companies, which do not have a proven technology or business model yet during their incubation period. Accordingly, the fund aims to create long-term value by ensuring these companies to reach their growth targets through strategic support in addition to financial investment. The investors and their participation rates in the fund are the Logo Yazılım ve Ticaret A.Ş. (20%), the Logo Teknoloji ve Yatırım A.Ş. (20%), Actus Asset Management A.Ş. (20%), Cahit Güvensoy, Murat Erkurt, Orhan Ayanlar, Alper Akcan and Cenk Coşkuntürk (40% in total). The resource commitment by the investors totals 10 million Turkish liras. The size of the fund has the potential to grow larger in the upcoming periods or the investors may establish new private equity investment funds as well. Actus Asset Management A.Ş. Logo Ventures Private Equity Investment Fund will have the characteristics of a Corporate Venture Capital Fund, which is common in the developed capital markets and will be the first-ever fund in Turkey established under this model. Logo Yazılım, Logo Teknoloji, and other leading investors of Turkey are among the founders of the fund. It is expected that the contemplated Corporate Venture Capital Fund will pave the way for the entrepreneurs in the country and encourage the increase of innovation and R&D investments. The target companies will be determined according to various criteria such as potential for growth and development of value-added products, readiness for an improved corporate governance profile and operational development, potential to create a strong brand value, without the requirement of satisfying the strategic investment priorities of Logo or other investors. The exit mechanism from the investments will be established through public offerings, sales to founding partners or strategic / financial partners. This statement has been translated into English for informational purposes. In case of a discrepancy between the Turkish and the English versions of this disclosure statement, the Turkish version shall prevail. |
We proclaim that our above disclosure is in conformity with the principles set down in “Material Events Communiqué” of Capital Markets Board, and it fully reflects all information coming to our knowledge on the subject matter thereof, and it is in conformity with our books, records and documents, and all reasonable efforts have been shown by our Company in order to obtain all information fully and accurately about the subject matter thereof, and we’re personally liable for the disclosures.