Tern PLC: InVMA appoints new CEO and secures Future Fund convertible loan Investment of GBP125,000 in InVMA (1123819)

 
 Tern PLC (TERN) 
Tern PLC: InVMA appoints new CEO and secures Future Fund convertible loan 
Investment of GBP125,000 in InVMA 
 
27-Aug-2020 / 07:00 GMT/BST 
Dissemination of a Regulatory Announcement that contains inside information 
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
 This announcement contains inside information for the purposes of Article 7 
                    of EU Regulation 596/2014. 
 
27 August 2020 
 
          Tern Plc ("Tern" or the "Company") 
 
      InVMA appoints new CEO and secures Future Fund convertible loan 
 
         Investment of GBP125,000 in InVMA 
 
Tern Plc (AIM: TERN), the investment company specialising in the Internet of 
    Things ("IoT"), is pleased to announce that its portfolio company, InVMA 
     Limited ("InVMA"), the Industrial IoT company that enables customers to 
  digitally improve performance using predictive intelligence, has appointed 
     Peter Stephens as CEO and has secured a Future Fund convertible loan of 
    GBP125,000 which will be matched by Tern. Tern has a 50% holding in InVMA. 
 
                    Appointment of InVMA CEO 
 
   The Board is delighted that Peter has joined the InVMA management team to 
   help finalise the transformation of the business to a SaaS based software 
products company. Peter has extensive investment banking experience and most 
   recently in his career has focused on early stage software and technology 
             businesses. He brings to InVMA a proven track record of driving 
   international business growth and value, from senior operational roles in 
   Virgin Group, Bullitt Group and Nectarine Health. While at Bullitt Group, 
    revenues increased from $99m to $151m and Peter also secured an exit for 
     investors in Bullitt. He also recently secured an exit for investors in 
                    Nectarine Health. 
 
     As part of the remuneration package Peter will also have the ability to 
  secure an equity position of up to 7% of InVMA equity, based on successful 
                    completion of key strategic milestones. 
 
  Pat Nash, the co-founder and former CEO of InVMA, remains on the Board. In 
 his new role as Chief Innovation Officer he will work closely with Peter to 
                  support the future growth and development of the business. 
 
                    Future Fund convertible loan 
 
  InVMA has also secured additional investment of GBP0.25 million, with the UK 
 Future Fund Scheme and Tern contributing GBP125,000 each. The Scheme overview 
                    is set out on the British Business Bank website 
(https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-in 
   terruption-loan-schemes/future-fund/ [1]) with the key terms of the GBP0.25 
                    million investment being as follows: 
 
  · Convertible at a 20% discount to the next round of funding 
 
  · 8% annual interest rolled up until conversion 
 
  · Convertible immediately on the next liquidity event 
 
  · Three year term 
 
 Peter Stephens, CEO of InVMA said "I am looking forward to working with the 
   founders of InVMA to build on the successful launch and initial growth of 
      AssetMinder sales and to establish AssetMinder as a leading product in 
                    remote predictive monitoring." 
 
Sarah Payne, Tern CFO and InVMA Chairman, said "Peter's commitment to join 
InVMA is an important milestone for the company and his wealth of relevant 
experience and software product knowledge will be invaluable as the team 
spearheads its next stage of growth and development. His background of 
delivering digital transformation across industries and geographies makes 
him the ideal person to drive the transformation of InVMA into a leading 
product company. InVMA is an exciting business, with a great reputation that 
is well positioned in the fast growing Industrial IoT market. The funding 
secured as part of the Future Fund initiative will enable a strong start to 
Peter's programme of growth." 
 
Enquiries 
 
Tern Plc                      via Newgate Communications 
 
Al Sisto/Sarah Payne 
 
              Allenby Capital         Tel: [phone] 
 
     (Nomad and joint broker) 
 
 David Worlidge/Alex Brearley 
 
               Whitman Howard         Tel: [phone] 
 
               (Joint broker) 
 
      Nick Lovering/Hugh Rich 
 
       Newgate Communications         Tel: [phone] 
 
Elisabeth Cowell/Megan Kovach 
 
ISIN:          GB00BFPMV798 
Category Code: MSCH 
TIDM:          TERN 
LEI Code:      2138005F87SODHL9CQ36 
Sequence No.:  82969 
EQS News ID:   1123819 
 
End of Announcement EQS News Service 
 
 
1: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=551bed2e9b0a0b0acfd1285ff6fdb8c4&application_id=1123819&site_id=vwd&application_name=news 
 

(END) Dow Jones Newswires

August 27, 2020 02:00 ET (06:00 GMT)