Tern PLC Konektio update (6894S)
08 Novembre 2023 - 8:00AM
UK Regulatory
TIDMTERN
RNS Number : 6894S
Tern PLC
08 November 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.
8 November 2023
Tern Plc
("Tern" or the "Company")
Konektio update
Further to the Company's announcement on 26 May 2023, Tern Plc
(AIM:TERN), the investment company specialising in supporting high
growth, early-stage, disruptive Internet of Things ("IoT")
technology businesses, announces that it has decided not to invest
further in its portfolio company, InVMA Limited, which trades as
Konektio(TM) ("Konektio").
Tern announced on 26 May 2023 that Konektio had agreed a GBP2.5
million equity fundraise, to be completed in two tranches. The
first tranche of GBP1.2 million (the "Konektio First Tranche")
completed in May 2023 and the second tranche of GBP1.3 million (the
"Konektio Second Tranche") is due for completion in Q4 2023.
Following Tern's investment in the Konektio First Tranche of
GBP100,000, Tern's shareholding in Konektio reduced to 28% (before
any dilution on exercise of any Konektio employee share options)
and Tern's shareholding had an unaudited book valuation of GBP0.9
million.
Tern announced on 26 May 2023 that it had committed to invest a
minimum of GBP0.28 million in the Konektio Second Tranche, with an
option, at Tern's sole discretion, to increase its investment
amount up to GBP0.4 million. However, given the business
performance of Konektio and, in particular, Konektio's monthly
recurring revenue growth not having met Tern's expectations, Tern
has decided not to invest in the Konektio Second Tranche. As
announced on 26 May 2023, 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, which is now
anticipated to take effect in due course.
Tern's percentage holding in Konektio and its unaudited book
valuation will be determined when, and if, Konektio completes the
Konektio Second Tranche and Tern will provide an update in relation
to this at the appropriate time.
Tern does not, at this time, envisage providing any more funding
to Konektio and the Company will look to realise value from its
remaining holding in Konektio in due course.
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(TM) , 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 2022, the business
recorded an increase in retained unaudited losses of approximately
GBP2 million and at that date had an unaudited deficit of
shareholders' funds of approximately GBP0.3 million.
Enquiries
Tern Plc via IFC Advisory
Ian Ritchie (Chairman)
Allenby Capital Limited Tel: 0203 328 5656
(Nominated Adviser and Broker)
Alex Brearley / Dan Dearden-Williams
(Corporate Finance)
Kelly Gardiner / Guy McDougall (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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END
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