Tern Plc Statement Re Potential New Investment And Proposed Fundraising For Device Authority In The United States

 
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: [phone] 
  (NOMAD and joint broker) 
  Mike Coe/Ed Allsopp 
 
  Whitman Howard                 Tel: [phone] 
  (Joint broker) 
  Nick Lovering/Francis North 
 
  Redleaf Communications         Tel: [phone] 
  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.