Tern PLC Konektio Fundraise (7306A)
26 Maggio 2023 - 8:00AM
UK Regulatory
TIDMTERN
RNS Number : 7306A
Tern PLC
26 May 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF EU REGULATION 596/2014 (WHICH FORMS PART OF
DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT
2018). UPON THE PUBLICATION OF THIS ANNOUNCEMENT THIS INSIDE
INFORMATION IS NOW CONSIDERED TO BE WITHIN THE PUBLIC DOMAIN.
26 May 2023
Tern Plc
("Tern" or the "Company")
Konektio Fundraise
Tern Plc (AIM:TERN), the investment company specialising in
supporting high growth, early-stage, disruptive Internet of Things
("IoT") technology businesses, announces that its portfolio
company, InVMA Limited, which trades as Konektio ("Konektio") has
agreed a GBP2.5 million equity fundraise, to be completed in two
tranches. The first tranche of GBP1.2 million has completed (the
"Konektio First Tranche") and the second tranche of GBP1.3 million
is due for completion in Q4 2023 (the "Konektio Second
Tranche").
Tern has invested GBP100,000 in the Konektio First Tranche, with
the remainder provided by Konektio's other institutional
shareholders, being Mercia and Foresight. Prior to the Konektio
First Tranche, Tern had a shareholding of 39.9% in Konektio with an
unaudited book valuation of GBP1.0 million. Post the Konektio First
Tranche, Tern's shareholding in Konektio has reduced to 28% (before
any dilution on exercise of any Konektio employee share options)
and Tern's shareholding now has an unaudited book valuation, at the
Konektio First Tranche price, of GBP0.9 million.
Including its participation in the Konektio First Tranche, Tern
has, to date, invested approximately GBP2.3 million in Konektio.
The pre-new money valuation for the Konektio First Tranche is
approximately equivalent to the pre-money valuation for the
previous Konektio fundraise announced on 25 April 2023, with
Konektio having increased its employee share option pool.
Tern has committed to invest a minimum of GBP0.28 million in the
Konektio Second Tranche, with an option, at its sole discretion, to
increase its investment amount up to GBP0.4 million. The price of
the Konektio Second Tranche will be determined as at 30 September
2023 and will be based on the annualised revenues of Konektio at
that time, capped at a pre money valuation of GBP6.0 million.
Should Tern not fulfil its commitment to invest a minimum of
GBP0.28 million in the Konektio Second Tranche, 75% of Tern's
holding in Konektio will be transferred to a valueless class of
Konektio deferred shares.
About Konektio
Konektio provides an Industrial IoT Software as a Service
("SaaS") platform to Original Equipment Manufacturers ("OEMs") and
aftermarket customers, as well as the connected product market. The
software enables remote asset monitoring and management to drive
productivity improvements. Konektio's primary product, AssetMinder,
is machine agnostic and allows manufacturers to diagnose issues and
proactively prescribe services plans, ultimately reducing downtime
and improving operational efficiency. According to the latest filed
financial statements for Konektio, for the 12 month period ended 31
December 2021, the business recorded an increase in retained
unaudited losses of GBP0.4 million and at that date had unaudited
net assets of approximately GBP1.8 million.
Enquiries
Tern Plc via IFC Advisory
Al Sisto (CEO)
Sarah Payne (CFO)
Allenby Capital Limited Tel: 0203 328 5656
(Nominated Adviser and Broker)
Alex Brearley / Dan Dearden-Williams
(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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