A Cash Shell....

Looking to acquire businesses in the TMT sector.

Platform and marketplace businesses;

Tech-enabled disruptive businesses;

E-Commerce businesses;

On-line B2B and enterprise solutions businesses.

TMT Acquisition was incorporated in March 2021. The Company has been formed to pursue opportunities to acquire businesses in the technology, media and telecom sector (“TMT sector”).  The Company intends to consider opportunities within the TMT sector focusing on disruptive ‎digitally enabled media and technology businesses with an initial ‎focus in the financial services and other regulated sectors.  The directors are considering making an acquisition in one of the areas mentioned on the right:

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years M&A experience

Introducing your Directors.

The Board, collectively, has significant experience in establishing and growing businesses along with significant experience of managing public companies and risks associated with such ventures both operationally and financially.

Harry Hyman
Non-Executive Chairman

Harry Hyman is a chartered accountant. He is the founder and CEO of Primary Health Properties PLC (“PHP”) a FTSE250 Listed company that specialises in the ownership of property leased on a long term basis to primary care providers in the UK and Ireland. PHP has a property portfolio of over £2.6bn and a consistent record of growth. Until January of 2021 PHP was externally managed by Nexus. After graduating from Christ’s College Cambridge Mr Hyman qualified as a Chartered accountant with Price Waterhouse. In 1983 he joined Baltic PLC where he was deputy managing director, finance director and company secretary. He left to establish PHP and Nexus in February 1994.

He is also the non-executive Chairman of BioPharma Credit PLC a listed fund investing in loans made to pharmaceutical companies secured by royalty revenues.  Previously he has been non-executive director of both Deriston PLC that went onto become S4 Capital and Hertsford Capital which became Otaq PLC.  He is the MD of H3 Tradeco Ltd which owns Investor Publishing Ltd, Nexus Investment Management Ltd and Nexus Invsetco ltd.  He is also the founder of the Opera Awards and a director of a number of other private companies.

James Serjeant
Non-Executive Director

James Serjeant has been a Corporate Broker for over 20 years. He started his career at WestLB Panmure in 2000 before joining Investec Bank in 2002 as part of a team of five to develop and grow its corporate broking department.  He was Managing Director of Corporate Broking at Numis Securities Limited where he spent 10 years advising a number of publicly quoted TMT companies including Autotrader plc, Learning Technologies Group Plc, Rightmove Plc and Yougov Plc.  During this time he worked closely with Lorna Tilbian and Paul Richards who were ranked as the No.1 Media team by the Extel Survey.  In 2016, James left Numis and led the management buy-in of Dowgate Capital Limited.  In 2018, his former media colleagues, Lorna Tilbian and Paul Richards, joined Dowgate and together they now act for a number of high quality growth companies. James is Head of Corporate Broking & Advisory and sits on the boards of both Dowgate Capital and the parent company, 3B Capital Limited.  He is also a Director of Dowgate Wealth Limited.  James has a passion for identifying early stage growth businesses. He has been involved in the floatation of several micro-cap companies that have grown into multi-billion pound businesses by market capitalisation, including Learning Technologies Group Plc, Keywords Studios Plc and S4 Capital Plc.

Jonathan Satchell
Non-Executive Director

Jonathan Satchell is Chief Executive of Learning Technologies Group plc (“LTG”). LTG is listed on the AIM market of London Stock Exchange (LTG.L) and headquartered in London. LTG is at the forefront of innovation and best-practice in the learning and talent software sector, and has received numerous awards for its achievements both corporately and for clients.

Jonathan has worked in the training industry since 1992. In 1997 he acquired EBC, which he transformed from a training video provider to a bespoke e-learning company. The company was sold to Futuremedia in 2006. He became interim MD of Epic in 2007 and the following year he acquired the Company with LTG’s chairman. He oversaw the transformation of Epic from a custom content e-learning company to the global, fast growing, full service digital learning and talent management company that LTG has become.  Jonathan is also non-executive director of Zappar, the world’s leading augmented reality platform and creative studio.


Advisors all blue

Our search criteria


Primarily searching for acquisition...

The Company will primarily search for acquisition opportunities of businesses in the UK, Europe and the U.S. ‎which, in the opinion of the Directors have potential for long-term growth. The objective is to generate attractive long term returns for shareholders and to enhance value through operational performance improvements, accelerating growth, and identifying where possible future value accretive acquisitions to create end-to-end solutions.

The Directors will also seek to identify...

The Directors will also seek to identify situations with a combination of experienced proven entrepreneurs, operational performance improvements, potential for new products and services or new markets, and the implementation where relevant of an acquisition strategy that identifies value accretive targets to create end-to-end solutions.  The focus will be to accelerate the growth of the business and enhance the execution of the business go-to-market strategy.

A key focus for the Directors...

A key focus for the Directors will be to identify entrepreneurs with proven track record of creating shareholder value and where the ownership of target business held by founders and management is significant, closely aligning management and shareholder interests. Working in partnership with these executives the objective will be to deliver attractive revenue growth with a pathway to sustainable long term earnings, for example subscription revenues or recurring revenues.

The Directors will consider...

The Directors will consider a broad range of characteristics for the target company, including:


  • Management’s track record of creating shareholder value;  
  • Management’s deep industry knowledge and relationships;  
  • Long term growth prospects and attractive competitive dynamics;  
  • Leading market positions; 
  • Quality of earning, including recurring/repeat revenue streams, operational leverage and ability to generate strong free cash flow; and
  • Key market criteria to include but not limited to opportunities for value accretive acquisitions to create end-to-end solutions; acceleration in growth from new products and services or new markets; and accelerating the execution of their go-to-market strategy.
The Directors are looking to acquire...

The Directors are looking to acquire a small-cap company with attractive ‎revenue growth and a clear pathway to high quality earnings. It is not anticipated that the Company will be using any form of debt financing to finance an ‎acquisition but in the unlikely event that the Company requires debt financing the Directors do not ‎anticipate exceeding an amount equal to a multiple of 1.5x times the combined earnings before ‎interest, taxes, depreciation and amortisation of the Enlarged Group.


2022 Interim Results

2022 AGM Notice

2022 AGM Proxy Form

Report and Accounts 2022

Result of Annual General Meeting 2022

2023 Interim Results

Report and Accounts 2023

2023 AGM Notice

2023 AGM Proxy Form

Directorate Change, Paul Tuson appointment

Statement re Possible Offer

Letter to TMT shareholders regarding possible offer

Form 8 (OPD) TMT (offeree) re Belluscura Plc

Form 8 (OPD) TMT (offeree) re TMT

Revised possible offer terms for TMT

‘Result of Annual General Meeting 2023’

'Recommended All Share Offer for TMT by Belluscura’

'Guild Financial Consent Letter’

'Letter to TMT shareholders with Firm Offer announcement’

'Harry Hyman irrevocable’

'Rule 2.11 Belluscura letter to employees’

'Oberon Investments irrevocable’

'Euroblue Investments irrevocable’

'Dowgate Group irrevocable’

'Dowgate Wealth irrevocable'

'Dowgate Capital consent letter'

'SPARK consent letter'

'Non-binding indicative offer letter, 2 Oct'

'Canaccord letter of intent'

'Gresham House irrevocable'

'Jonathan Satchell irrevocable'

'James Serjeant irrevocable'

'Non-Disclosure Agreement'

'Extension to deadline for posting Offer Document'

'Gresham House variation letter for irrevocable undertaking'

2023 Interim Results

BELL Trading Update

Date for Posting of Offer Document

Posting of Circular & Offer Document

Offer Document - Form of Acceptance

Letter of Consent - Guild Financial

Belluscura Rule 9 Waiver Circular

TMT Acquisition - Articles of Association

Offer Document

TMTA Rule 24.4 Trades

BELL Rule 24.4 Trades

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