Tern Plc Statement Re Potential New Investment And Proposed Fundraising For Device Authority In The United States
12 August 2017 - 1:30AM
UK Regulatory
TIDMTERN
11 August 2017
Tern Plc (AIM: TERN)
Potential new investment
Proposed fundraising for Device Authority in the United States
Tern Plc (AIM:TERN), the investment company specialising in Internet of
Things, is pleased to announce that it has signed a term sheet to invest
in InVMA Limited ("InVMA").
InVMA is an established and growing player in the market for IoT
enablement. InVMA designs, builds and supports secure, innovative
solutions that seamlessly connect devices, applications, systems and
smart products to create an Internet of Things that delivers real
business value and competitive advantage. It is also a key strategic
partner for Device Authority Limited and it is expected that InVMA's
entry into the Tern portfolio will be beneficial to that relationship.
The anticipated completion date of the InVMA investment is in August
2017 and management regards the negotiations to be at an advanced stage
and that progress towards completion is satisfactory and on-track.
However, there can be no certainty that the InVMA investment will
complete, nor as to its final terms. A further announcement regarding
the InVMA investment will be made in due course.
Proposed fundraising for Device Authority Ltd
Tern is also pleased to announce that its investee company, Device
Authority Limited, has signed a term sheet with US Capital Partners
(www.uscapitalpartners.net) to raise new equity through a private
placement offering. The minimum subscription from the private placement
will be $2.5 million at first close which is expected to be in September
2017. The fundraising attributes a pre-money valuation to Device
Authority of $36m, or $0.75 per share, up from $23m or $0.47 at the last
equity issue. It is anticipated that an engagement letter will be
signed by the end of August 2017 and the fund raising will close 120
days later.
Al Sisto, CEO of Tern plc, said:
"Tern's goal is to be a leading U.K. IoT investment company with a
portfolio of world class companies whose products help secure, enable
and analyse applications and devices, to securely connect, inform, and
provide continuous value to the enterprises and governments who use
them."
"This potential new investment will enable us to strengthen our
portfolio with an exciting opportunity that we firmly believe has the
potential to deliver significant returns for our shareholders".
This announcement contains inside information for the purposes of
Article 7 of EU Regulation 596/2014
Enquiries
Tern Plc via Redleaf
Al Sisto/Sarah Payne
WH Ireland Tel: 0117 945 3470
(NOMAD and joint broker)
Mike Coe/Ed Allsopp
Whitman Howard Tel: 020 7659 1234
(Joint broker)
Nick Lovering/Francis North
Redleaf Communications Tel: 020 7382 4730
David Ison/Elise Palmer
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Tern Plc via Globenewswire
(END) Dow Jones Newswires
August 11, 2017 11:30 ET (15:30 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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