Tern PLC Proposed Wyld Networks Directorate Change
02 February 2023 - 10:08PM
RNS Non-Regulatory
TIDMTERN
Tern PLC
02 February 2023
REACH
2 February 2023
Tern Plc
("Tern" or the "Company")
Proposed Wyld Networks Directorate Change
Tern Plc (AIM:TERN), the company focused on value creation from
Internet of Things ("IoT") technology businesses, notes that Wyld
Networks AB ( " Wyld Networks" or "Wyld") has today published a
notice of Extraordinary General Meeting (the "Wyld Notice") for
Wyld shareholders to vote on, inter alia, the appointment of Ramesh
Kesanupalli to the Wyld board, as Al Sisto, having served as a Wyld
board member for over four years, has indicated that he wishes to
retire as a Wyld board member . Ramesh Kesanupalli is an adviser to
Tern and a director of Tern's portfolio company, Device Authority
Limited. Tern holds 41.2% of Wyld Networks' equity.
Extracted from the Wyld Notice
" Proposed resolutions:
Item 7 - Determination of the number of board members and deputy
board members
The shareholder Tern Plc, representing 41.2 percent of the
shares in the company (the "Shareholder"), proposes that the board
of directors, for the period until the end of the next annual
general meeting, shall consist of four board members with no deputy
board members.
Item 8 -Election of new board member
Having served as a board member of the company for over four
years, Albert Sisto has informed Wyld Networks AB that he wishes to
retire as a board member. Therefore, the Shareholder proposes that
Ramesh Kesanupalli is elected as new board member for the period
until the end of the next annual general meeting. If the
Extraordinary General Meeting resolves in accordance with the
proposal, the board of directors will consist of Mats L Andersson
(chairman), Mats R Andersson, Henrik Hedelius and Ramesh
Kesanupalli.
Information regarding Ramesh Kesanupalli, born on 1 August
1965
Ramesh Kesanupalli is the Founder and CEO of Digital Trust
Networks based in Santa Clara, California. He also founded
Accountable Digital Identity Association standardizing Global
Digital Identity Framework as an open standard. Ramesh also founded
Fido Alliance, a global standard for passwordless authentication in
the digital world. Ramesh was also the founder of Nok Nok Labs,
which is the market leader for Fido authentication servers. Ramesh
previously held the position of CTO of Validity Sensors, which was
acquired by Synaptics. Earlier in his career, Ramesh also ran
engineering, marketing and business development for Phoenix
Technologies. He also cofounded a video streaming company,
Network24 communications, which was acquired by Akamai. Ramesh also
founded and ran the carrier middle software company Kinera/Telsima
for nine years. Ramesh sits on the boards of Device Authority,
GotrustID, ADI Association and Digital Trust Networks.
Ramesh brings vast Industry contacts globally, technology
expertise in the communication space, vision and market reach.
Ramesh is independent in relation to the company and the senior
management of the company. Ramesh is also independent in relation
to the company's major shareholders.
Ramesh does not hold any financial instruments in the
company.
Item 9 - Determination of board remuneration
The Shareholder proposes that board remuneration, in accordance
with the renumeration levels decided by the Annual General Meeting
2022, shall be paid to Ramesh Kesanupalli for his work in the board
of directors, in proportion to the duration of the assignment."
The full Wyld Notice may be accessed at:
https://wyldnetworks.com/investor-relations
Enquiries
Tern Plc via IFC Advisory
Al Sisto (CEO)
Sarah Payne (CFO)
Allenby Capital Limited Tel: 0203 328 5656
(Nominated Adviser and Broker)
David Worlidge / Alex Brearley (Corporate
Finance)
Matt Butlin / Kelly Gardiner (Sales
and Corporate Broking)
IFC Advisory Tel: 0203 934 6630
(Financial PR and IR) tern@investor-focus.co.uk
Tim Metcalfe
Graham Herring
Florence Chandler
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