Tern PLC (TERN)
Tern PLC: Final Results
05-May-2020 / 08:15 GMT/BST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
5 May 2020
Tern Plc (the "Company", or the "Group")
Final results for the year ended 31 December 2019
Tern Plc (AIM: TERN), the investment company specialising in the Internet of
Things ("IoT"), is pleased to announce its final results for the year ended
31 December 2019.
Operational highlights
· Further validation of business model through a successful Series A
fundraise for FundamentalVR and a move from a services to a product
business for InVMA
· Notable commercial successes in portfolio including new strategic
customer contracts for all principal portfolio companies
· Year-on-year turnover of principal portfolio companies from 2018 to 2019
increased by 27% (2017 to 2018: 58%)
· 31% year-on-year increase in employees within principal portfolio
companies from 2018 to 2019 (2017 to 2018: 52%)
· Additional capital raised of GBP3.25 million before expenses with GBP2.5
million of this put to work in existing portfolio companies to enable
growth and generate outside interest
· Net asset growth of 13%, including portfolio value increase of 20%:
· Total assets 2019: GBP19,065,111 (2018: GBP17,009,220)
· Net assets 2019: GBP18,913,077 (2018: GBP16,751,773)
· Loss 2019: GBP780,643 (2018: GBP312,564)
Commenting on the results, Tern CEO, Al Sisto said:
"As a proactive investor which backs innovation, it has been very rewarding
to see the commercial progress made by our portfolio companies reflected in
our net asset value, which has increased during the period. This rise
included a successful Series A fundraise for FundamentalVR, with an
outstanding syndicate of new investors we helped solidify at an implied
valuation 27% higher than when we took a position in the company just a year
earlier. The positive momentum developed in 2018 continued throughout 2019
with important milestones achieved across our business and the businesses of
our principal portfolio companies. We expanded our Tern team and we again
continued to increase turnover and employees within our principal portfolio
companies.
We continue to see a range of exciting and high growth technology companies
across the segments of IoT in which we invest. Having strengthened our
financial position during the year, we are now well-placed to deliver
additional diversification and this will be a priority. We are focused on
investing in companies which provide commercial solutions to the healthcare
and industrial use cases where security, safety and regulatory compliance
are critical requirements and contribute to the synergies within our
portfolio.
During this challenging period caused by COVID-19, we have also taken steps
to protect our balance sheet, reducing our salaries by 20% and we are
working very closely with the entrepreneurs within each of our portfolio
companies, helping them to access government funding and to innovate. We
remain optimistic about our portfolio businesses. As lockdown eases, there
will be an ongoing need for technology to support continuing social
distancing measures and we are focused on ensuring our portfolio companies
are well positioned for growth when the economy begins to recover."
Shareholder Communication
A shareholder conference call with accompanying presentation slides will be
held at 3:00pm on Thursday 28 May 2020.
The Company is committed to ensuring that there are appropriate
communication structures for all elements of its shareholder base so that
its strategy, business model and performance are clearly understood.
· The online presentation is open to all existing and potential new
shareholders.
· Questions can be submitted pre-event at tern@newgatecomms.com. The
Company will be unable to accept questions submitted after 2:00pm on 27
May 2020. Al Sisto will aim to answer as many pre-submitted questions as
possible during the call. Whilst the Company may not be in a position to
answer every question it receives, it will address the most prominent
question themes within the confines of information already disclosed to
the market.
· Investors can sign up to the Investor Meet Company platform for free and
request to meet Tern plc.
· Investors who have already registered and requested to meet the Company,
will be automatically invited.
Enquiries
Tern Plc via Newgate Communications
Al Sisto/Sarah Payne
Allenby Capital Tel: 020 3328 5656
(Nomad and joint broker)
David Worlidge/Alex Brearley
Whitman Howard Tel: 020 7659 1234
(Joint broker)
Nick Lovering/Christopher Furness
Newgate Communications Tel: 020 3757 6880
Elisabeth Cowell/Megan Kovach
Chairman's Statement
I am delighted to report the progress that we made during 2019 in growing
the effectiveness and value of our portfolio of companies in the Internet of
Things ("IoT") sector. Our mission is to identify, invest in and support
entrepreneurial companies to develop IoT solutions which improve
productivity, connectivity and security, leading to demonstrably increased
performance for their various customers.
Tern completed two successful equity fundraisings during the period. At the
portfolio company level, fresh capital from financial and trade investors
was secured by FundamentalVR in its Series A round. We also continued to
support each of our principal portfolio companies with follow-on funding and
are pleased to report good progress from them all.
Our success is due to the effectiveness of our executives and during this
year I was delighted to welcome Matthew Scherba to our team. Matthew has
first-class experience as a technology investment executive and adds
considerably to our team's ability to identify opportunities and to support
our existing portfolio. I would like to take this opportunity to thank all
of our executives for their hard work over the year.
The recent restrictions imposed in the wake of the COVID-19 pandemic has
brought fresh challenges to our portfolio companies and we have been careful
to maintain their effectiveness while also ensuring the wellbeing of all
employees. A weekly conference call with all the CEOs from our principal
portfolio companies and Tern Directors has created valuable opportunities to
provide advice, support and partnerships which are forming positive and
constructive outcomes.
This is an exciting time for venture capital and we remain proud to enable
access for our shareholders to share in the opportunities and value offered
by exciting high-growth IoT companies.
Ian Ritchie CBE, FREng, FRSE
Chairman
CEO's Statement
2019 was a year in which we began to execute fully on our transformed
business model, leveraging the work accomplished by the Company in 2018. We
made material progress on the goals that we set out for Tern and our
principal portfolio companies. As always, we set out right from the start to
help our portfolio companies to build significant businesses in big markets
where there is a clear demand for their services. By investing early in
businesses, there is an opportunity to build NAV and NAV per share
materially over a number of years. During the year, a key achievement was
FundamentalVR's ability to capitalise on the work and capital delivered in
2018, by closing a Series A financing round at a valuation which represented
a 27% uplift on the investment of GBP1.9 million made by the Company in
FundamentalVR in May and October 2018.
Tern invests in technology companies in the Internet of Things (IoT) space
across the categories of healthcare, security, networking and data
analytics. We have moved from taking large stakes in these exciting
companies to now establishing positions of influence of 25% or more at the
seed, early stage Series A and Series A investment rounds. We back intrepid
entrepreneurs who are seeking to change the future through the products and
technologies they have and are developing with our early funding; providing
active involvement and support to succeed at becoming a global force.
We do this, as early investors, by thoroughly understanding the companies in
which we invest. Our bottom-up investment process requires rigorous due
diligence on companies and market analysis. We meet with company management,
competitors and suppliers while conducting a deep dive into the underlying
business fundamentals to establish our investment thesis based on ensuring
the quality of a company.
As part of our process we look to answer three key questions before making a
commitment, to determine the scalability and sustainability of the company's
competitive advantage and how it can be monetised to achieve rapid growth:
· Does the company have a disruptive technology or is it insulated from
disruptive change?
· Can the company rapidly demonstrate financial strength with low capital
intensity and high returns on invested capital with downstream high
margins and strong cash conversion?
· What, if any, are the environmental or secondary consequences created by
the company, or governance and accounting risks that could alter our
investment thesis?
We believe that this improved approach to investing early with a chance to
steer their strategy and product focus provides for an efficient use of our
capital and resources that will result in higher returns for our
shareholders at the time of realisation. Building on this momentum we are
looking to add exciting new investments and create additional value from our
existing ones in the year ahead.
Operating Review
Significant progress was made in many areas of our business in 2019 and the
adoption rate of IoT products and technologies continues to accelerate.
During 2019, we supported our principal portfolio companies and their
mission of value creation with our financial and active involvement. This
support was reflected in the net asset value per share of our portfolio
remaining broadly stable at 7.0p (FY19: 7.1p) which included a 20% increase
in the absolute portfolio value. Our total operating costs during 2019
remained comparable to 2018 at GBP1.3 million (2018: GBP1.3 million). The
administration costs increased by GBP0.2 million, which was offset by an
equivalent reduction in other expenses. The majority of the administration
cost increase was due to an increase in Directors' fees and professional
fees from advisors based in the USA. Directors fees have increased to bring
them more in line with the average in the market and to enable effective
recruitment. The majority of the other expenses were the result of the
Company exploring an opportunity to substantially expand its portfolio
through a strategic initiative. However, after careful due diligence and
with the support of our advisors, the Board decided not to pursue the
opportunity any further.
During 2019, our principal portfolio companies continued to leverage the
gains made in 2018 and to develop new opportunities for accelerating their
growth. Progress was made by our principal portfolio companies in securing
new customers and market partnerships that has led to their expansion, as
demonstrated via our key metric, the delta in aggregate revenues and
headcount year over year. We believe that these are indicators of market
acceptance and the future growth potential of our principal portfolio
companies. The Directors continuously weigh the possible returns of our
potential new investment opportunities in accordance with the circumstances
and opportunities that could be created by committing our resources to a new
investment (or additional funds to an existing investment). By doing so, we
attempt to validate if the continued progress by our portfolio companies is
creating lasting value that can create attractive returns for our
shareholders.
The Directors of Tern are also pleased by the efficient use of capital by
our principal portfolio companies in the monies spent to date to build their
products and brands, which we believe is competitive to their peer groups in
respect of reaching similar stages of development. During 2019, Tern raised
an additional GBP3.25 million before expenses of which GBP2.5 million was
re-invested into existing portfolio companies via equity or loan note
instruments to support their continued progress. This progress produced an
aggregate turnover by our principal portfolio companies for the year ended
31 December 2019 which was 27% ahead of the turnover achieved in 2018. The
percentage increase would have been higher had there not been the impact of
commercial orders that were expected to be signed during Q4 2019 being
delayed, in many cases, because our principal portfolio companies continued
to negotiate to achieve better outcomes. Some of these transactions were
announced in late 2019 and others were announced in early 2020, contributing
to a strong start to the year for these businesses, with others being
anticipated to follow. The Directors believe the 31% increase in aggregate
employees across the principal portfolio companies in 2019, compared to
2018, will provide a strong foundation for continued revenue growth and
market share expansion in 2020.
Tern is focused on carefully expanding its portfolio by selecting the most
innovative and promising companies from the wide array of opportunities that
we meet, which we believe can become category leaders in the IoT markets
they target. In the year ahead, we are planning to expand our sourcing
geography beyond the UK into Europe. This should increase the number and
quality of opportunities that we consider and also mitigate the potential
volatility in the capital markets as the final Brexit outcomes are
determined. We are searching for investments in disruptive early-stage IoT
companies, which have developed market changing technologies for the
healthcare and industrial IoT markets. These are markets that have already
received significant investment and that are looking for new ways to enhance
outcomes and increase productivity. For example, the IoT healthcare market
size is projected to reach US$534.3 billion by 2025 expanding at a CAGR of
20% between 2019 and 2025, according to a report by Grand View Research,
Inc. (March 2019). The global Industrial Internet of Things (IIoT) market is
expected to reach a value of US$922.62 billion by 2025, according to a
Million Insights report (March 2019).
By opening up to new markets, we believe we will also broaden the potential
to syndicate follow on funding rounds with a broader set of financial and
strategic investors. This should de-risk our position by the syndication of
the later rounds with a blend of strategic and financial investors who add
their resources to facilitate the scale up of the portfolio company's
business. Our investment committee also believes that important
environmental, social and governance (ESG) factors are integral to assessing
the quality of a company and thus become an important part of our investment
process. Today, for example, our portfolio companies are helping to address
these challenges by improving health care outcomes and the ability to help
measure and reduce carbon-based energy consumption.
We have a deep respect for the entrepreneur and the company building process
and throughout 2019 we saw progress, growth and industry recognition for our
principal portfolio companies. Our financial priorities continue to be
concentrated on accelerating the progress of our principal portfolio
companies' commercial success; value creation; robust realisations and the
addition of new investments by:
· Investing in and creating businesses which have market validation and
competitive advantages;
· Providing hands-on support to achieve value creation and making
introductions which help our companies achieve scale and a presence in the
USA;
· Strengthening management and boards where appropriate;
· Syndication of post-seed round investments in our companies, focusing on
relevant strategic and financial investors, to provide validation, and
additional growth capital that de-risks the path to commercial success and
monetisation; and
· Exploring innovative ways to expand the synergistic benefits of our
portfolio.
Providing a greater opportunity to create and return value to our
shareholders is our primary objective and we remain committed to expanding
our portfolio during 2020 with companies that leverage our strong
positioning in the IoT space. Our deal flow remains strong and this critical
goal will be our focus for 2020 and beyond to fuel the growth of our NAV per
share and to increase the opportunities to generate realisations and returns
for our shareholders.
Investments and Portfolio Update
Throughout the year Tern has invested in the teams, technology and product
development and brand building of our principal portfolio companies. We
believe that we have further scaled our principal portfolio companies with
our investment support, introductions to strategic partners and, in the case
of FundamentalVR, crystallising new sources of capital from the syndication
of a follow-on funding round. Through this strategy we have enabled our
principal portfolio companies access to the capital they need to grow and
scale up their business.
Device Authority
56.8% holding; Invested since 2014
$3.3 million convertible loan
At Device Authority, the company has expanded and refined its go-to-market
partners resulting in a growth in product sales and active customer
engagements. Using this active partner base, the company is developing a
sales and support model that has improved its ability to scale and add to
growth. Also, the focus on healthcare (Medical IoT: MIoT), high value
manufacturing/production (Industrial IoT: IIoT) and most recently, the
connected car (Automotive IoT: AIoT) has created efficiencies in product
development processes and created opportunities for follow-on business. A
significant investment by Device Authority in 2019 was to enhance its
ability to penetrate the large enterprise markets with its Microsoft Azure
IoT central connector. This key enhancement to Device Authority's KeyScaler
product is designed to leverage the investment in IoT deployments by
Microsoft Azure's large customer base by providing an end-to-end service
offering in the cloud with enhanced security. We believe that this product
alignment with Microsoft represents an important new segment for Device
Authority's growth and continued leadership in the IoT security market.
FundamentalVR
26.9% holding; Invested since May 2018
FundamentalVR is an example of Tern finding a disruptive opportunity,
investing early in order to help shape their business model and making an
investment at a reasonable value and share of the business. On 30 October
2019, within seventeen months of our initial investment, FundamentalVR
secured a GBP4.3 million Series A fundraise, including a GBP0.5 million
convertible loan note conversion by Tern, at a post-money valuation of GBP11.3
million. We believe that this represents a validation of the Tern investment
strategy. This syndicated transaction represents an increase in fair value
within a year from Tern's most recent investment, introducing strategic and
financial investors to our portfolio company and reducing the risk profile
of Tern's investment to its shareholders. FundamentalVR's Virtual Reality
Haptic Simulation platform technology is now being used by an array of
customer groups including medical device companies, pharmaceutical companies
and medical centres.
InVMA
50% holding; Invested since September 2017
GBP50k convertible loan
We are also pleased with the transformation of InVMA. During 2019 the
company enhanced its business model from being strictly an engineering
design and services company to a product company with a very experienced
services component. This enhanced business model is the culmination of
Tern's original investment thesis for InVMA which involved changing its
market value model from a services company, which the Directors believe are
generally valued on a one times revenue basis, to a product company, which
the Directors believe are generally valued on a multiple of revenues. Now,
with its first product AssetMinder, it has the opportunity for revenue and
customer growth that is emanating from a cash flow neutral base. In January
2020, InVMA announced that it had secured an initial order to provide its
AssetMinder solution to a global, multi-billion Euro supplier of products to
the global industrial and construction markets. This was a critical
endorsement of the product and the work done by InVMA's management.
Wyld Networks
100% holding; Invested since 2016
GBP0.9 million loan note
Wyld Networks is a portfolio company that is the result of our rollup of
flexiOps, Amiho Technology and Wyld Research. During 2019, assets costing
less than GBP45,000 were added to the existing business of Wyld Networks and
we supported the business with additional operating capital of GBP0.7 million,
via a cash flow loan. Combining the various related products and
technologies into one business, Wyld Networks, we believe that we have
created a compelling proposition in the IoT network communications industry.
During 2019 we recruited a seasoned senior executive into the business to
lead the company as CEO.
The company currently has its products operating in over 300,000 smart
meters and with its mesh platform has now established a unique and value
enhanced product suite, delivering secure intelligent mesh solutions
empowering resilient Consumer, Enterprise and IoT networks to create value.
Wyld Network's technology is unique in that it creates a wireless network
which connects smartphones to smartphones, as well as smartphones to IoT
devices in a mesh architecture. It establishes a resilient and low-latency
mesh network without the need to route all the traffic through the
traditional hierarchical mobile infrastructure. This creates potential
multiple revenue generating and cost reducing use cases in Events, Retail,
Transportation, Healthcare and Smart Buildings. As a proof point, during
2019, Wyld Networks entered into an agreement with several companies,
notably Delta-T Devices in the Agritech vertical and Develco in the smart
metering vertical. Also, Wyld Networks was awarded a GBP121,000 grant by
Innovate UK to collaborate on a new mass production technology, SmartDrop,
for Archipelago Technology Group Ltd. An important milestone for the
business.
Subsequently in early 2020, Wyld patented its technology and signed an
additional three contracts, most notably with one of the world's largest
Satellite operators to co-design, develop and market a software solution to
enable direct sensor to satellite connectivity using LoraWan as the wireless
protocol. This is unique and has the potential to dramatically enhance the
business case and return on investment for the provision of satellite IoT
solutions.
Outlook and Summary - Building on our progress
During the year, we executed on our strategic objectives and key performance
indicators outlined in the 2018 annual report and at our AGM. As we progress
in 2020, we are better positioned to build on our successes of 2019 and
strive to achieve additional third-party validation of the value created in
our investments, that was and is driven by the management teams who lead our
portfolio companies. At Tern, we have expanded our team and resources to
help drive continued progress and improved results as we work to secure the
best opportunities for our value creation model.
We believe our unique and differentiated platform empowers entrepreneurs to
build and grow their companies to achieve commercial success. It starts with
a partnership that has deep domain expertise and years of operating
experience. We help our entrepreneurs leverage our global reach, with access
to our networks of businesses and contacts that can be catalysts for scale.
The IoT market opportunity is continuing to gather strength and momentum and
we are positioned at the forefront of the wave. We entered 2020 well
positioned to leverage this opportunity and are focused on executing our
strategy for creating long-tern sustainable value creation for our
shareholders.
COVID-19 Update
Companies around the world are faced with unprecedented challenges to keep
essential operations moving forward amid the coronavirus pandemic. Economic
recovery can only follow the recovery of public health which is the focus of
every government. At Tern we have focused on the safety of our employees and
the employees of our portfolio companies and we have also taken additional
steps to be prepared when emphasis shifts to social well-being.
We recently conducted a fundraise of GBP0.8 million which at the time of
writing means we do not need to furlough Tern staff but as a precautionary
measure the Board have taken 20% salary reductions to protect our balance
sheet. The team is also set up to work effectively from home. We have
established a weekly situation video conference with the CEOs of our
principal portfolio companies to provide support, advice and share recent
experiences. Our portfolio companies have taken similar actions to each
other, including furloughing some employees, salary reductions across the
business and applying for government support where relevant.
As technology businesses, our portfolio is fortunately facing less severe
challenges during the current crisis and are operating and meeting the needs
of their customers and prospects by applying their technologies where
appropriate to help in the support of the fight to restore public health and
safety. There will be an ongoing need for technology to support continuing
social distancing measures as the lockdown eases.
The risks associated with COVID-19 are considered further in principal
business risks and uncertainties.
We remain optimistic about our portfolio businesses and are working to
ensure they will be positioned for growth when the economy begins its
recovery.
Our progress this year was driven by the management teams of our principal
portfolio companies. I would like to thank them all for their unrelenting
belief and commitment to their businesses and drive to make them the leaders
in their respective industry segments. With the continued support of our
team, our Board, our advisors and our shareholders we remain focused on
accelerating the growth generated in 2019.
Albert Sisto
CEO
Financial Review
The year ended 31 December 2019 has been another year of activity and
progress, with two equity fundraises for the Company and our portfolio
companies continuing to scale, including a successful Series A fundraise for
one.
New equity capital of GBP1.5 million was raised in April 2019 to strengthen
the balance sheet and to provide negotiating strength to protect and
maintain long term influential interests in our portfolio companies. This
was evidenced in the Series A raise by FundamentalVR. In October 2019, a
further GBP1.75 million was raised to continue that momentum. With a strong
balance sheet, the Company has been able to maintain its influential holding
at existing portfolio companies and progress pipeline opportunities with a
credible position.
The Company's investment holdings have increased from GBP14.9 million at 31
December 2018 to GBP17.9 million at 31 December 2019, reflecting a 20%
increase on the previous year. The investment valuation includes additional
investment of GBP2.5 million across all four principal portfolio companies and
fair value growth of GBP0.3 million. This comprises a GBP0.9 million fair value
gain and a GBP0.6 million exchange rate loss due to the strengthening of
sterling.
The fair value gain, excluding exchange rate movements, is comprised of a
GBP0.6 million uplift at FundamentalVR due to the successful Series A
fundraise in October 2019 and a GBP0.3 million uplift at Device Authority as
further convertible loan note issues strengthen the Company's holding.
Net assets have increased by 13% to GBP18.9 million (GBP16.8 million at 31
December 2018) and include a strong cash balance of GBP1 million. There is no
debt on the balance sheet.
Cash and cash equivalents decreased by GBP0.9 million in the year, ending the
year at GBP1m (2018: GBP1.9 million). This was due to GBP1.3 million cash used in
operations, offset by a net increase in cash of GBP0.4 million, which
reflected a net GBP2.9 million raised through two equity fundraises less GBP2.5
million reinvested in existing portfolio companies.
Income Statement and Statement of Comprehensive Income
Revenue from portfolio companies increased by 18% to GBP124,766 (31 December
2018: GBP106,117). The Company does not charge high monitoring or Board fees
to ensure capital is not deducted at source and is instead reinvested in the
portfolio companies to drive value creation. Total investment income has
reduced by GBP0.5 million to GBP0.4m (2018: GBP0.9m) compared to 2018. This has
been driven by foreign exchange losses on the revaluation of the investment
portfolio. Device Authority is valued in US dollars and the pound
strengthened during 2019 resulting in a GBP0.6 million exchange rate loss.
This compared to a GBP0.4 million exchange rate gain in 2018 as the pound
weakened that year. The loss in 2019 was offset by the fair value gain on
FundamentalVR of GBP0.6m and fair value gain on Device Authority of GBP0.3m.
Overheads overall were maintained at GBP1.3 million in 2019. This included a
GBP0.2 million increase in administration costs compared to 2018, due to an
increase in Directors' and consultants' fees offset in part by a reduction
in recurring legal costs. Directors' fees continue to rise slowly to bring
them more in line with more representative market rates and to allow for
successful recruitment, whilst maintaining prudence and affordable levels
for the Company. Increases in consultants' fees reflect additional advice
and support from consultants based in the US.
Other expenses include one-off costs incurred early in 2019 due to the
Company exploring an opportunity to rapidly expand its portfolio via a
strategic initiative. Although the transaction would have added a
significant number of companies to the portfolio thereby increasing the NAV
and diversifying the risk profile of the portfolio the decision was taken,
with the support of our advisors, not to proceed on this occasion. These
costs were offset by a GBP148,173 reduction in the share based payment charge
and the absence, in the current year, of the prior year convertible loan
note cost of GBP165,000.
Events after the end of the reporting period
On 13 January 2020, it was announced that InVMA had secured an initial order
commitment worth GBP817,000 over a two-year period to provide its
AssetMinder(R) solution to a global, multi-billion Euro revenue supplier to
the industrial and construction sectors.
On 3 March 2020 it was announced that Docusign Inc had announced its intent
to acquire Seal for $188 million in cash. The proceeds to Tern from this
sale are expected to be broadly in line with the Company's valuation of its
investment.
On 9 March 2020, it was announced that the Company had raised approximately
GBP0.8 million before expenses through a subscription of 13,333,331 new
ordinary shares of 0.02p each at a price of 6p per new ordinary share.
Key performance indicators
The Company's principal activity is that of investing in companies.
Accordingly, the Company's financial Key Performance Indicators (KPIs) are
focused on return on investment: increasing portfolio company value,
delivering consistent investee company turnover growth and focusing on
year-on-year net asset growth. The Company also monitors non-financial KPIs,
the primary focus being on increase in employee numbers at the portfolio
companies which is an indicator of growth to support commercial success.
These indicators are monitored closely by the Board and the details of
performance against these are given below.
The return on investments:
Unrealised fair value:
· Device Authority (GBP12.7 million valuation): the valuation has increased
due to additional investment in the Company via convertible loans, plus an
increase in fair value given the preferential terms issued to Tern and
other equity holders on these convertible loans. This fair value gain has
been offset against FX loss when converting the investment to GBP;
· InVMA (GBP1 million valuation): The equity value of InVMA remains
unchanged. The investment is valued at fair value which has been based
upon the most recent fundraise in September 2017. This valuation has been
assessed as reasonable, taking into consideration the current performance
of the company. During the year, a convertible loan note of GBP50,000 was
issued, the value of which has been incorporated into the fair value;
· Wyld Networks Limited (GBP0.9 million valuation): the equity valuation
remains unchanged, the value of the cash flow loan issued to the company
has been incorporated into the fair value;
· FundamentalVR (GBP3 million valuation): The investment is held at fair
value where the price of the most recent valuation has been taken into
account, incorporating a GBP0.6 million fair value uplift;
· Push Technology (GBP34,205 valuation): the investment is valued at fair
value and the price of the most recent valuation is taken into account.
The value is unchanged from 2018;
· Seal Software Group (GBP0.1 million): the US dollar fair value has been
revalued in line with IFRS to a level consistent with recent fund
raisings, with a strengthening of the pound sterling resulting in a small
decrease in its pound sterling valuation; and
· These investee companies are early stage businesses in emerging markets
where there is a lack of comparative businesses available on which to
provide a comparable valuation and therefore value has been based on an
assessment of numerous factors: the underlying value of the Device
Authority patent portfolio, the multiples achieved in comparable markets
on recent transactions, and an assessment by the Board on the strength of
the sales pipeline and achievability of the 2020 sales forecast.
The net assets of the Company at 31 December 2019 were GBP18,913,077 (2018:
GBP16,751,773). The net asset value per ordinary share as at 31 December 2019
was 7.0p (2018: 7.1p).
Investee company turnover growth: the year-over-year growth in the aggregate
revenue of our principal portfolio companies increased by 27% from calendar
year 2018 to 2019 (58% from calendar year 2017 to calendar year 2018) which
provides an indication of growth in the overall portfolio. The annual growth
was adversely affected by some delays in commercial orders that were
expected during the final quarter of 2019. Some of these transactions were
announced in late 2019 and early 2020 and others are anticipated to follow,
contributing to a strong start to 2020.
The Company has non-financial KPIs which are also monitored regularly by the
Board. The non-financial KPIs are focused around the investee company
employee number growth in our portfolio companies. We believe these factors
help serve as leading indicators of the future performance and our impact on
our stakeholders:
Principal portfolio company employee number growth increased by 31% from
calendar year 2018 to calendar year 2019 (52% from calendar year 2017 to
calendar year 2018), highlighting a continuing growth in the portfolio
overall and particularly in the final six months which saw employee number
growth escalate from 9% in the six months to 30 June 2019 to 31% for the
year ended 31 December 2019.
Sarah Payne
CFO
Business Risks
Principal business risks and uncertainties
The management of the business and the nature of the Company's strategy are
subject to a number of risks. The Directors have set out below the principal
risks facing the business. Where possible, processes are in place to monitor
and mitigate such risks. The Company operates a system of internal control
and risk management in order to provide assurance that the Board is managing
risk whilst achieving its business objectives with the assistance of the
Audit Committee. The Executive Directors meet at least monthly to review
ongoing trading performance for both the Company and the portfolio
companies, discuss budgets, forecasts, opportunities and new risks
associated with ongoing trading. The Board regularly reviews operating and
strategic risks and the effectiveness of the Company's risk management and
related control systems, with the assistance of its committees. No system
can fully eliminate risk and therefore, the understanding of operational
risk is central to the management process.
Identifying, evaluating and managing the principal risks and uncertainties
facing the Company is an integral part of the way the business operates. The
Company has policies and procedures in place throughout its operations,
embedded within the management structure and as part of the normal operating
processes. A formal risk register is maintained and reviewed by the Board at
least quarterly, with key risks identified, discussed and mitigation agreed.
Market and economic conditions are recognised as one of the principal risks
in the current trading environment. This risk is mitigated by the close
monitoring of trading conditions and the performance of the Company's
investment portfolio. The Company is affected by a number of risks and
uncertainties, not all of which are wholly within its control as they relate
to the wider macroeconomic and legislative environment within which the
Company operates. To enable shareholders to appreciate what the business
considers are the main operational risks, they are briefly outlined below:
Risk Potential Mitigation
Impact Strategy
Investment Risk An investment Investments may The Company
fails to require undergoes
perform as additional rigorous due
anticipated: finance. diligence before
proceeding with
an investment.
· Investee There may be a
companies difficulty in
may operate creating The Company
in highly maximum value actively takes
competitive in a timely an influential
markets with fashion or role in the
rapid difficulty in strategic
technologica realising the direction of its
l change. investment. investments and
regularly
· Investee monitors
companies performance. A
may be in The value of Company Director
early stages the Company's holds a
of holding may Non-Executive
commercial fall. Board position
development on all
and so investment
generation company boards
of where the
significant Company has a
revenues is significant
difficult to (>10%) holding.
predict or
guarantee.
· Investment The Company's
company strategy has
management been formulated
is by the
performing management team
under par. with a strong
track record of
generating gains
from early stage
companies within
the technology
sector.
The Company is The Company is The Company
unable to unable to maintains a
maintain its maintain an sufficient cash
holding when influential balance to
the investee position and enable follow on
company has reduced investment where
requires influence over required.
significant the strategic
additional direction and
funding. timing of any
realisation
event.
The portfolio If one dominant The Company is
is dominated investment building a
by one or two fails it may portfolio of
investments have a investments to
disproportionat insulate itself
e impact on the against poor
Company. performance of
any single
investment.
Reliance on key The Company is Disruption for The Company
people unable to the Company or offers a
retain key its investment remuneration
individuals or companies as package designed
recruit high new individuals to attract,
calibre team take time to motivate and
members. gain an retain key
understanding individuals.
of the
investment
company's
strategy and Key individuals
requirements. in the portfolio
companies are
offered an
attractive
remuneration
package and
either shares or
share option
incentives.
Liquidity The Company is Reduction in The Company will
unable to ability to maintain a
raise new invest in new sufficient cash
funds due to a opportunities balance to
reduction in or ability to finance itself
investor maintain for a prudent
confidence or holdings in period, or
access to existing ensure it has
capital. investments. access to funds.
May have
detrimental
impact on
Company's
ability to fund
operational
costs.
Legal and UK exit from May impact on The Company
regulatory risk European investors monitors its
Union. confidence and working capital
therefore risk to ensure it has
access to sufficient funds
capital. to maintain
operations
during any
economic slow
Detrimental down.
impact on
performance of
investment
companies with
exposure to the
European Union.
Foreign exchange The valuation The value of The Company
risk of investments the Company's actively reviews
may be holding falls. the value of
impacted by investments and
foreign will consider
exchange action on
movements. foreign exchange
risk where
relevant,
following advice
from advisors.
Increased As the IoT May have a The Company
competition sector becomes detrimental seeks to
more mature, impact on the mitigate
it will Company's competition by
attract ability to having a diverse
increased execute pipeline of
interest from investments at opportunities
entities an acceptable and a proven
competing with cost. track record of
the Company successful
for investment experiences with
opportunities. its portfolio
companies.
The management
team has a
strong track
record of
providing
opportunities in
the USA for UK
companies which
should remain
attractive to
potential
investors.
Shareholder As a public The actions of The Board
impact company listed shareholders maintains
on AIM, anyone are outside of regular
can acquire the control of interaction and
shares in the the Company but communication
Company. can impact on with all its
the Company by stakeholders and
association. seeks to openly
articulate its
culture and
strategy to
shareholders at
regular points
through the
year.
COVID-19 Economic The Company is The Company will
impact of unable to maintain a
COVID-19 access sufficient cash
affects additional balance to
performance of funds due to finance itself
the Company loss of for a prudent
and its consumer period, or
portfolio confidence. ensure it has
companies. access to funds.
The portfolio
companies are As a technology
unable to focused
access external business, the
investments. Company and its
staff can
operate
effectively from
Closure or home for a
delay of reasonable
customer period of time.
business and
revenue streams
impacts on
operational The portfolio
activities of companies will
the Company and access
its portfolio Government
companies. support where
required.
Assessment of business risk
The Board regularly reviews operating and strategic risks, with the
assistance of its committees. The Company's operating procedures include a
system for reporting financial and non-financial information to the Board
including:
· reports from management with a review of the business at each Board
meeting, focusing on any new decisions/risks arising;
· reports on the performance of portfolio companies, this now includes a
rotating monthly presentation by a portfolio company CEO at each Board
meeting;
· reports on selection criteria of new investments and a discussion around
pipeline and new opportunities;
· quarterly review of the risk register;
· consideration of issues relating to governance and compliance;
· reports from the sub-committees when they meet; and
· consideration of reports prepared by third parties.
Investment Report
The Company's current investment portfolio consists of the following
investments, all of which are unquoted:
Principal Portfolio Companies
Device Authority Limited ("Device Authority")
Market segment: Internet of Things (IoT)
Fair value: Cost: GBP6.8 million Valuation: GBP12.7 million
Consists of:
Equity ownership: 56.8% 'A' shares: Cost: GBP4.3 million
Valuation: GBP5.9 million
Convertible loan: Cost: GBP2.5 million Valuation: GBP6.8 million
Valuation is based on a probability analysis of the potential
outcomes relating to the conversion or redemption of the
convertible loan note, translated at the exchange rate at the
balance sheet date. The fair value was supported by an
evaluation of a combination of factors, including the price of
shares in the most recent fund raise (April 2016), a comparison
to transaction multiples in comparable market sectors and an
evaluation of sales pipeline and 2020 trading forecast.
Device Authority is a global leader in Identity and Access Management (IAM)
for the Internet of Things ("IoT"); focused on medical / healthcare,
industrial, automotive and smart connected devices. Device Authority's
KeyScaler(TM) platform provides trust for IoT devices and the IoT ecosystem,
to address the challenges of securing the IoT. KeyScaler(TM)uses
breakthrough technology including patented Dynamic Device Key Generation
(DDKG) and PKI Signature+ that delivers unrivalled simplicity and trust to
IoT devices. This solution delivers automated device provisioning,
authentication, credential management, policy based end-to-end data
security/encryption and secure update delivery.
An example of its use case can be found in the healthcare industry which is
in a state of digital transformation. Drug delivery systems, surgical
robots, infusion pumps and medical records are now all connected. Knowing
the identity of the user or device and protecting a patient's data are
critical items requiring protection under a variety of laws. Also, the need
to exchange data between the applications using these devices and systems,
including updating the software running these systems, puts them at risk.
Device Authority's KeyScaler(TM) platform is used by medical device
manufacturers and the applications which use the devices to protect the data
exchanged, by applying policy and encryption techniques to protect the
information. Device Authority does this autonomously and at IoT scale
providing a clear return on investment and a protection against human error.
In 2019, Device Authority continued to work with and develop product sales
via its active partner base including Venafi, HID IdenTrust [1], Wipro [2],
Tech Mahindra [3] and City University of London [4]. Device Authority has
also further deepened its relationship with Microsoft, including a feature
on their Channel 9 IoT show showcasing their Azure IoT Central Connector,
which is the latest technology integration with Microsoft inside Device
Authority's Security Suite. Early in the year Device Authority proved their
credentials in the medical space by securing a medical contract with nCipher
Security [5].
Device Authority also continued to build on its brand recognition which
included publishing its Enterprise IoT security blueprint 2.0 [6] to help
educate Enterprises on how to improve their security posture in the
connected world. Furthermore, Device Authority was recognised as a
technology leader in the global IoT IAM market [7] by Quadrant Knowledge
Solutions. Device Authority also joined the Venafi Machine Identity
Protection Development Fund [8].
Alongside the commercial success, Device Authority further strengthened the
team, recruiting talent in both the US and the UK and introducing two new
influential board members: Ramesh Kesanupalli [9], founder of Nok Nok Labs
and Nicko van Someren [10], a technologist and entrepreneur who has
extensive experience in the security industry.
InVMA Limited ("InVMA")
Market segment: Sensor based applications
Fair value: Cost: GBP1 million Valuation: GBP1 million
Consists of:
Equity ownership: 50% Cost: GBP1 million Valuation: GBP1 million
Convertible loan: Cost: GBP50,000 Valuation: GBP50,000
Valuation is based on a combination of factors including an
assessment of sales pipeline and 2020 trading forecast.
InVMA helps industrial and manufacturing companies prosper by converging
their physical assets with new transformational digital insights. They
provide IoT software solutions, communications and consultancy to digitally
transform their customers through predictive intelligence that automates
manual processes, reduces operating costs, maximises uptime and enables the
development of untapped revenue streams.
During 2019, InVMA focused on the transformation of its product,
AssetMinder(R) which solves critical pain points for monitoring
manufacturing processes, production platforms (e.g. oil), and networks of
sensors providing predictive maintenance and performance data; providing
alerts when pre-determined thresholds or rules have been met or broken. The
focus on generating AssetMinder(R) product sales to drive value creation was
evidenced in a material post year end contract. This was validation of a
deliberate move from being a systems integrator to a product company,
underpinning the value being created within the business.
During 2019, InVMA announced a number of key contract wins, which continue
to establish the company as a key provider of IoT products and solutions:
· Implementation of Industry 4.0 projects with Heatsense Cables;
· Facilities Management IoT deployments with iaconnects; and
· Aerospace and Defence projects, securing an initial order worth GBP0.25
million during 2019, working alongside its partner ECA, a leading IT
infrastructure specialist
InVMA continued to develop and grow its partnership network, announcing new
partnerships with Robustel, one of the world's leading manufacturers of
industrial quality solutions for the IoT and M2M market, Solid State
Supplies Ltd (part of Solid State plc), a focused distributor serving the
needs of the electronics OEM community in the UK as well as the partnership
with ECA which delivered the early material contract during the year.
FVRVS Limited ("FundamentalVR")
Market segment: SAAS immersive platform for medical and surgical
education driving data insight
Equity ownership: 26.9% Cost: GBP2.4 million Valuation: GBP3.0
million
Valuation is based on the price of shares in the most recent
fundraise in October 2019.
FundamentalVR provides the Company with exposure to the rapidly growing
medical simulation market using low cost open-system IoT devices and
provides a basis for developing our IoT analytics pillar of the Tern
investment strategy.
This was an active year for FundamentalVR: successfully closing a Series A
fundraise and establishing traction in the market whilst continuing to
develop their Fundamental Surgery platform and achieve market recognition.
The FundamentalVR platform is now being used by an array of customer groups
including clinics and medical centres, device companies and pharmaceutical
companies. Active clients of this platform include established innovative
device and pharmaceutical businesses. Within the hospital marketplace
customers include the Mayo clinic and UCLA (USA), Sana Kliniken (Germany),
UCLH and St George's (UK).
In October 2019, FundamentalVR closed a GBP4.3 million Series A funding round,
including a GBP0.5 million convertible loan note conversion from Tern, with a
post-money valuation of GBP11.3 million. The funding round was led by Downing
Ventures, with participation from the Company, Epic Private Equity and
Brighteyes Ventures. Leading medical institutions also participated in the
funding round, including Mayo Clinic, one of America's leading centres of
medical excellence, and Sana Kliniken, one of Europe's leading medical
organisations and the third largest hospital organisation in Germany, which
is a strong endorsement of the quality of FundamentalVR's offering.
The platform development continued during the year and the FundamentalVR
platform achieved accreditation from The Royal College of Surgeons in
England and the American Academy of Orthopaedic Surgeons in the US, clearly
validating the strength of the proposition.
Wyld Networks Limited ("Wyld")
Market segment: Project management of research and innovation
projects in technology
Fair value: Cost: GBP0.9 million Valuation: GBP0.9 million
Consists of:
Equity ownership: 100% Cost: GBP37,500 Valuation: GBP78,000
Cash flow loan: Cost: GBP853,332 Valuation: GBP853,332
Valuation is based on a combination of factors including an
assessment of sales pipeline and 2020 trading forecast.
In 2019 Wyld focused on developing Wyld Mesh and Wyld Fusion, a wireless
mesh technology to create low cost and revenue generating Social, Enterprise
IoT and 5G device-to-device networks, as well as commencing the
commercialisation of Wyld Connect, a range of LPWAN solutions to provide IoT
wireless connectivity.
Wyld's technology is unique in that it creates a wireless network which
connects people to people directly from smartphone-to-smartphone or
device-to-device, as well as device-to-people. It establishes a resilient
and low-latency mesh network without the need to route all the traffic
through the traditional hierarchical mobile infrastructure.
Wyld's solutions are developed to market in the following sectors:
1. Social networks - Creation of customer engagement and new revenue streams
through the enablement of pop-up social networks, providing user engagement,
gaming, safety and location-aware marketing in events and retail.
2. Enterprise IoT networks - Building a network of meshed smartphones and
IoT devices at the edge of the network in enterprise communication and IoT,
ensuring connectivity and reducing operational cost for applications in
healthcare, smart factories and transportation.
3. 5G D2D networks - Creating 5G mesh connectivity to deliver resilient
spectrum efficient densification of 5G networks and low latency
applications, such as autonomous vehicle and AR/VR connectivity.
4. IoT networks - Enabling IoT providers to create LPWAN wireless networks
to control IoT devices in hard to reach locations for applications in
agritech, environment, transportation and smart factories.
During the year Wyld secured a framework contract with Delta-T Devices, a
world leader in the development of sensors for the Agritech sector, to
develop and deploy a Wyld Connect LPWAN solution integrated into Delta-T
Devices agritech sensors to create a wireless LoRaWan network.
In 2019, in addition to the smart agritech deal with Delta-T Devices, Wyld
signed smart-device delivery contracts and license agreements for its Wyld
Connect solutions in the smart energy (Cadis, RCD, Develco) sector.
Wyld Networks was also awarded a GBP121,000 grant by Innovate UK to
collaborate on a new mass production technology, SmartDrop, for Archipelago
Technology Group Ltd.
Push Technology Limited ("Push")
Market segment: Data distribution software
Equity ownership: <1% Cost: GBP120,197 Valuation: GBP34,205
Valuation is based on fair value, which has been assessed as the
price of shares in the most recent fundraise in May 2019.
Push significantly enhances the ability of organisations to communicate in
real-time. This includes direct communication as well as indirect, for
example, by refreshing data displayed information in real time rather than
when a user explicitly asks for an update. Interactive applications are
infinitely more engaging, updating in real-time as new data becomes
available.
In 2019 Push announced a number of new contract wins including Gratisbroker,
the first free online German trading platform; Brenock, specialising in
shipping industry applications and Derivco, a gaming software development
company.
Other customers include William Hill, Betfair, Racing Post, Sportingbet
amongst others.
Seal Software Group Limited ("Seal")
Market segment: Database Analytics and Search software
Equity ownership: <1% Cost: GBP50,000 Valuation: GBP109,951
Valuation is based on fair value, which has been assessed as the
price of shares in the most recent fundraise in March 2019.
Seal specialises in writing software which performs complex analysis of
contractual data. Seal is specifically designed to locate and examine
contractual documents and extract and present key contractual information
related to language, clauses, clause combinations, and the significant
contextual metadata held within them.
In 2019 Seal's notable events included:
· Announcing new contract wins, including TPR Legal and an expansion of
use by Airbus and new partnerships, including with AI Innovation Centre of
Sweden.
· Being named within the Deloitte's Technology Fast 500TM for a fourth
consecutive year. Seal was named the 72nd fastest growing tech company in
the San Francisco Bay Area, and 388th overall with 241% year-over-year
growth.
· Seal Co-Founder and CTO, Kevin Gidney, was honoured for Transformative
Thinking and Tangible Outcomes in Artificial Intelligence and has been
named as one of the world's most influential voices in artificial
intelligence (AI).
· Continuous product development including a new AI based contract
negotiation product.
Customers include Nokia, PayPal, Bosch, DocuSign, Experian, Dell amongst
others.
Investing Policy
Tern's investment policy is to invest principally, but not exclusively, in
the information technology sector within Europe. The Directors believe that
the Company can invest in and acquire information technology businesses,
improve them by a combination of new management and investment and realise
the value created which will be returned to shareholders. The Company may be
either an active investor and acquire control of a single company or it may
acquire non-controlling shareholdings. Once a target has been identified,
additional funds may need to be raised by the Company to complete a
transaction.
The Directors see IT as having considerable growth potential for the
foreseeable future and many of the prospects they have identified are in
this sector. The Company has invested in six investee companies, four of
which comprise the principal portfolio companies and the Directors believe
there are further opportunities to invest in and acquire established IT
businesses which have good technology, marquee customers and could better
exploit their assets with the injection of experienced management and new
funds with the intention of creating value for shareholders.
Although the main focus of the investment policy has been on the
exploitation of IT businesses, which the Directors intend to continue; this
will not preclude the Company from considering investment in suitable
projects in other sectors where the Directors believe that there are
high-growth opportunities.
The Directors believe the main driver of success for the Company is the
expertise that can be provided by the Directors to the management involved
in its investee companies and the value creation that the team of people is
capable of realising. The Company is, and intends to continue to be, an
active investor. Accordingly, it has sought and may seek in future
investments, representation on the board of investee companies.
The new capital available to the Company will be used to support and assist
its investee companies to grow, where appropriate, and used to locate,
evaluate and select investment opportunities that offer satisfactory
potential capital returns for shareholders. The Company may require further
funds in order to invest further in its principal portfolio companies and
take up these opportunities. It is the intention of the Directors to
undertake further fundraising, if such an opportunity should arise. The
Company's investments may take the form of equity, debt or convertible
instruments. Investments may be made in all types of assets falling within
the remit of the Investing Policy and there will be no investment
restrictions.
The Directors may consider it appropriate to take an equity interest in any
proposed investment which may range from a minority position to 100 percent
ownership. Proposed investments may be made in either quoted or unquoted
companies and structured as a direct acquisition, joint venture or as a
direct interest in a project.
The Company has made investments and will seek further investment
opportunities which can be developed through the investment of capital or
where part of or all of the consideration could be satisfied by the issue of
new Ordinary Shares or other securities in the Company. The investments the
Company has made and any new opportunities have, or would generally have,
some or all of the following characteristics, namely:
· a majority of their revenue derived from IT or the use of IT, and
strongly positioned to benefit from market growth;
· a trading history which reflects past profitability or potential for
significant capital growth going forward; and
· where all or part of the consideration could be satisfied by the issue
of new Ordinary Shares or other securities in the Company.
The Company will identify and assess potential investment targets and where
it believes further investigation is required, intends to appoint
appropriately qualified advisers to assist.
The Company proposes to carry out a comprehensive and thorough project
review process in which all material aspects of any potential investment
will be subject to rigorous due diligence, as appropriate. It is likely that
the Company's financial resources will be invested in a small number of
projects or investments.
Income Statement and Statement of Comprehensive Income
For the year ended 31 December 2019
2019 2018
GBP GBP
Fee income 124,766 106,117
Movement in fair value of investments 293,756 775,910
Total investment income 418,522 882,027
Administration costs (1,028,605) (792,534)
Other expenses (245,414) (476,716)
Operating loss (855,497) (387,223)
Finance income 74,854 74,659
Loss before tax (780,643) (312,564)
Tax - -
Loss and total comprehensive income for (780,643) (312,564)
the period
Since there is no other comprehensive income, the loss for the year is the
same as the total comprehensive income for the year.
EARNINGS PER SHARE:
Basic and diluted earnings per share (0.3) pence (0.1) pence
Statement of Financial Position
As at 31 December 2019
2019 2018
GBP GBP
ASSETS
NON-CURRENT ASSETS
Investments 17,882,660 14,856,239
17,882,660 14,856,239
CURRENT ASSETS
Trade and other receivables 174,486 239,180
Cash and cash equivalents 1,007,965 1,913,801
1,182,451 2,152,981
TOTAL ASSETS 19,065,111 17,009,220
EQUITY AND LIABILITIES
Share capital 1,355,571 1,348,903
Share premium 22,578,619 19,660,434
Retained earnings (5,021,113) (4,257,564)
18,913,077 16,751,773
CURRENT LIABILITIES
Trade and other payables 152,034 257,447
TOTAL CURRENT LIABILITIES 152,034 257,447
TOTAL LIABILITIES 152,034 257,447
TOTAL EQUITY AND LIABILITIES 19,065,111 17,009,220
Statement of Changes in Equity
For the year ended 31 December 2019
Share capital Share Loan Warrant Retained Total
premium note reserve GBP earnings equity
equity
reserve
GBP GBP
GBP GBP GBP
GBP
Balance at 31 13,237,3 123,482 175,982 (4,286,249) 10,580,8
December 2017 62 02
1,330,225
Total - - - (312,564) (312,564
comprehensive )
income -
Transactions
with owners
Issue of share 6,861,07 - - - 6,879,75
capital 18,678 2 0
Share issue (603,000 - - - (603,000
costs - ) )
Conversion of - (123,48 - - (123,482
convertible 2) )
loan note
Transfer of - - (175,982) 175,982 -
lapsed warrants
-
Share based - - - 165,267 165,267
payment charge
Transfer on 165,000 - - - 165,000
conversion of
loan notes -
Balance at 31 19,660,4 - - (4,257,564) 16,751,7
December 2018 34 73
1,348,903
Total - - - (780,643) (780,643
comprehensive )
income -
Transactions
with owners
Issue of share 3,243,33 - - - 3,250,00
capital 6,668 5 3
Share issue (325,150 - - - (325,150
costs - ) )
Share based - - - 17,094 17,094
payment charge
-
Balance at 31 22,578,6 - - (5,021,113) 18,913,0
December 2019 19 77
1,355,571
Statement of Cash Flows
For the year ended 31 December 2019
2019 2018
GBP GBP
OPERATING ACTIVITIES
Net cash used in operations (1,337,878) (752,350)
Purchase of investments (1,808,034) (2,523,309)
Loan to investee companies (688,332) (1,033,316)
Interest received 3,555 3,450
Net cash used in operating activities (3,830,689) (4,305,525)
FINANCING ACTIVITIES
Proceeds on issues of shares 3,250,003 6,010,000
Share issue expenses (325,150) (603,000)
Proceeds from exercise of options - 8,500
Proceeds on issue of loan note - 550,000
Repayment of loan stock - (20,000)
Net cash from financing activities 2,924,853 5,945,500
(Decrease)/Increase in cash and cash (905,836) 1,639,975
equivalents
Cash and cash equivalents at beginning 1,913,801 273,826
of year
Cash and cash equivalents at end of 1,007,965 1,913,801
year
Notes
1) BASIS OF PREPARATION
The financial information set out in the announcement does not constitute
the company's statutory accounts for the years ended 31 December 2019 or
2018. The financial information for the year ended 31 December 2018 is
derived from the statutory accounts for that year, which were prepared under
IFRSs, and which have been delivered to the Registrar of Companies. The
auditor's report on those accounts was unqualified, did not contain a
statement under either Section 498(2) or Section 498(3) of the Companies Act
2006 and did not include references to any matters to which the auditors
drew attention by way of emphasis.
The financial information for the year ended 31 December 2019 is derived
from the audited statutory accounts for the year ended 31 December 2019 on
which the auditors have given an unqualified report, that did not contain a
statement under section 498(2) or 498(3) of the Companies Act 2006. For the
year ended 31 December 2019 it did include an emphasis of matter paragraph
in relation to the impact of COVID-19 on the Company. The statutory accounts
will be delivered to the Registrar of Companies following the Company's
annual general meeting.
The financial statements of the Company have been prepared in accordance
with International Financial Reporting Standards (IFRSs) adopted by the
European Union (EU) and therefore the financial statements comply with
Article 4 of the EU IAS Regulation and Companies Act 2006.
IFRS is subject to amendment and interpretation by the International
Accounting Standards Board (IASB) and the International Financial Reporting
Interpretations Committee (IFRIC) and there is an ongoing process of review
and endorsement by the European Commission. The financial statements have
been prepared on the basis of the recognition and measurement principles of
the IFRS that were applicable at 31 December 2019. The accounting policies
are consistent with those applied in the preparation of the interim results
for the period ended 30 June 2019. The accounting policies are also
consistent with the statutory accounts for the year ended 31 December 2018,
with the exception of IFRS 16 Leases, which is a new standard applicable and
mandatory for the year ended 31 December 2019. The new standard did not have
a material impact on the statutory accounts for the year ended 31 December
2019.
The preparation of financial statements in conformity with generally
accepted accounting principles requires the use of estimates and assumptions
that affect the reported amounts of assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period. Although these estimates are based on
management's best knowledge of the amount, event or actions, actual results
may ultimately differ from those estimates.
In accordance with IFRS 10, para 4 the Directors consider the Company to be
an investment company and has taken the exemption not to present
consolidated financial statements or apply IFRS3 when it obtains control of
another entity as it is an investing company that measures all of its
investments at fair value through the income statement in accordance with
IFRS 9.
1.1 GOING CONCERN
The financial statements have been prepared on the going concern basis.
The Directors have a reasonable expectation that the Company has adequate
resources to continue operating for the foreseeable future. For this reason,
they continue to adopt the going concern basis in preparing the Company's
financial statements. This has been assessed using detailed cash flow
analysis so that the Board can conclude that the Company has sufficient
working capital resources to continue for at least 12 months without any
additional financing requirement. The post year end fundraise and the impact
of COVID-19 has been considered as part of this assessment. In the event
that opportunities are presented such that additional funding was required,
management are confident that they would be able to obtain additional funds
from various sources.
2) NON-CURRENT ASSETS
INVESTMENTS 2019 2018
GBP GBP
Cost of investments brought forward 14,856,239 10,218,625
Reclassification of convertible loan note - 1,270,753
from other debtors
Reclassification of cash flow loans from 165,000 -
other debtors
Interest accrued on convertible loan note 71,299 67,642
Additions 2,496,366 2,523,309
Cost of investments carried forward 17,588,904 14,080,329
Fair value adjustment to investments 293,756 775,910
Fair value of investments carried forward 17,882,660 14,856,239
Fair value of equity investments 10,196,240 9,337,041
Fair value of convertible loans 6,833,088 5,519,198
Fair value of cash flow loans 853,332 -
Fair value of investments 17,882,660 14,856,239
The convertible loan facility issued to Device Authority is a financial
liability with multiple derivatives and the entire contract has been
designated at FVTPL, with any movement in fair value taken to profit or loss
for the year. In 2019 the fair value increase was GBP0.3 million (2018: GBP0.3
million). The convertible loan note has been secured with a charge over
Device Authority's intellectual property.
The cash flow loan issued to Wyld Networks is secured and carries interest
at a rate to be agreed by the Company and Wyld Networks. The balance
outstanding on the cash flow loan as at 31 December 2018 was reclassified as
a non-current asset as repayment is not anticipated in the foreseeable
future. All loans issued in 2019 have been included in additions.
3) EARNINGS PER SHARE
2019 2018
GBP GBP
Loss for the purposes of basic and fully (780,643) (312,564)
diluted loss per share
2019 2018
Number Number
Weighted average number of ordinary
shares:
For calculation of basic earnings per 251,945,498 217,221,165
share
For calculation of fully diluted 251,945,498 217,221,165
earnings per share
2019 2018
Loss per share:
Basic and diluted loss per share (0.3) pence (0.1) pence
4) POSTING OF ANNUAL REPORT AND ANNUAL GENERAL MEETING (AGM)
The annual report for the year ended 31 December 2019 will shortly be
available from the company website (https://www.ternplc.com/investors [11])
and will shortly be posted to shareholders. The annual report contains a
notice of the AGM which will be held at 3pm on 8 June 2020 at Gridiron, One
Pancras Square, London N1C 4AG.
In light of the evolving Coronavirus (COVID-19) pandemic, the Board has been
monitoring closely the rapidly changing situation. The health of our
shareholders, employees and stakeholders remains extremely important to us
and accordingly, the Board has taken into consideration the compulsory 'Stay
at Home' measures published by the UK Government. These measures currently
provide that public gatherings of more than two people are not permitted,
unless the gathering is 'essential for work purposes'. Attendance at an
annual general meeting by a shareholder, other than one specifically
required to form the quorum for that meeting, is not 'essential for work
purposes' under those measures. Regrettably therefore, shareholders are
requested not attend the AGM to be held on 8 June 2020 and the Company will
be unable to allow entry to anyone seeking to attend the AGM in person. The
shareholder call on 28 May 2020, ahead of the AGM, will provide a forum for
questions. As noted below, Shareholders should instead vote by proxy. Our
advisers have also been requested not to attend.
The Company will convene the AGM with the minimum necessary quorum of two
shareholders (which the Company will facilitate). The Company will include
all valid proxy votes (whether submitted electronically or in hard copy
form) in its polls at the AGM and the Chair of the meeting will call for a
poll on each resolution. The Company accordingly requests that shareholders
submit their proxy votes electronically or by post in advance.
The current situation is evolving and the Company will make any further
announcements that may be required by way of a Regulatory News Service and
on the Company's website. If the Stay at Home measures are not in force at
the date of the AGM and there are no other restrictions on attendance in
place, you may be able to attend the meeting in person, subject to any
public health guidance issued at the time.
ISIN: GB00BFPMV798
Category Code: FR
TIDM: TERN
LEI Code: 2138005F87SODHL9CQ36
Sequence No.: 61682
EQS News ID: 1035795
End of Announcement EQS News Service
1: https://info.deviceauthority.com/e2t/c/*W8KY9DW2S7m0PW8xYn5r8P6FJR0/*W1ldprp2qXbm-W47njMr6YhnQ00/5/f18dQhb0S3j42WsqN3N12hcmhF2sP-W5SSNDh19pM-lW7fbzSR5YZSx9W36lHss7cKjXKW9gRY3m2kw9PDW3ZwxJV6yLnnnW4PZ1KM7GzKs9W3sqwDm6_qhdGW3QKB2L8Nwm20W867L7062N_fTW2vYxfv9jmP2ZW1D9r306lSGdYW720hSp8sGSkPN3Pbtll4nv13W35nb5m1g13qsN6hwbfMGzq_HN4PSDvvdC0TVW9l0C3L4lWV0pW57-fcm6sfXWQW6Bd5Qm1bfS9lW8tV2Mt6K99sbW93p1fS4LRvf_W5kS35C4rQ4-kW46Fgd_6FTHKcW90LWC91gQQSMVwSrFK22XpxSW65FwCn5pg79WW5BfPfw4Gv0FCN2fZZhvJGWm0W787Jqf8JZLG7W84-4wc1Zsgl0W80V_Lf6L0_jkVP7H6D1M5L1HW4BXjDx69BhD4N4s2M9YF_w9NW3W5w561xBygQW1fJJkT7w9vstW5sMyDN5XNjP6W42pGDm1-MwcXW54WySc7_QB30W391gp71W3G_dW573jpP5gdgCbW3y3jH21cnWWrW31s7zN5kHwZkW56bKdh5dNbYGW4BZ0RZ6h38tpW5JLMs12ktw03W4HbGZr3P__CqW8BXJQ14jvqcL102
2: https://info.deviceauthority.com/e2t/c/*W8KY9DW2S7m0PW8xYn5r8P6FJR0/*N8mtGyRbRqJ3W3D29wn7vHYFv0/5/f18dQhb0S3j473nK89W12gM332vbV1BW7clK4n2swtqtW3ZHRF73fc2VVW42mnz_4RcJtbW6yHgPf5NsqMnW3-08518hC34CW3hJR5q4MLWs_W4YF3r54QNvwZW5WG1GS4tJ2pJW4xytLX2B55q7W36psl92QFdglW105H2r8-R8RSW7zN8-x7NVgxSW2J8S2W4B9rcXW4WYzSZ2prjndW1fldGq1ClNxdW5tZyvR6JsY3TW7b4QvR1XLcHtW5T5d5x1mC6DPV9_HN01tbW2NN8tPw72vKZWKM226fGDS5_bW63JMwR3-1bDbW1J7DCp7xV8RxW10n2j113399nV866hN71cjWZW6PJs8B4K4hhZW3q9vP_1NWdPSW9cs1vF5xMFQbW5jMWtS1V7Xk9W7gTgKQ1Nj9q5W2gYKXc85y3sYV-Jkxm8GhpXxW1lfD-C7jp3HzW1Z9yHJ6Yj80kW4vVp_n8Qh_3YW3N79Ry4fX8rfW4mDsQX7TqrSvW6dQkwr8yDN7mW88W1lQ5Kf9lQW7Gdj_d3h3_WmW4dL9Rw3Ys6LwW2Mr-Kn1SW6K0W7nwlFC6Fvdd_W22qcdX8Jv9pQW78BBn09k2dz3W3tYbXD2b_JHwW3w948n2tNrVfN3XxBwhVhD-Zf5J3JxR03
3: https://info.deviceauthority.com/e2t/c/*W8KY9DW2S7m0PW8xYn5r8P6FJR0/*V_33NY3CgDJKW6KsqjY6zmSjq0/5/f18dQhb0S3j42WsqN3W12h8xJ2vb50TVjVkv08k_vQGMJ5c8tjTB46W7SFn8b8Y2_-qW4Y3Bdf2HZBbLW1W0KJz16tdwpW1fNdf48zbZCwW911HYH2dYn-LW1lXfHj7FcNsrW8Q2g-y42SGxlW5KR_zq3zVtKVW3XNwDC8ZRW3ZW8QySnl8B21YNN2J8Pfb6sNQkW4WYzSZ2-VnS6W1D3JJg1ClNxdN8pQfzbPKBs5W1dmCdC7CZGjkVvyqR98T9hVFW1XntK119h_yFN5BYZCv2_GFjVn6bfN7rgZZMW6VsHKm5zQZPGW2smJgq3F32KfW14M3g02t5jWjW3M09NQ207KmzW1QCynq6pT2XgVky0BS2WxRHwW1YFGn-53-YmDW1R3cF32SGhGFW16dzLX2cKrjvV68Wr95Vt1J8W6_NN0Q4qCZL1VRVPND8gH4rSW80jYN37h88shW89WMGG5HQBDcW5RSBB54jY4fVW3k4z4H2yyydbW84vx9_4Bz6syW5D0VbX161vbXW7rZ5hD5fTwkNW58n2x_50TpWqVd_5XB5DlvZLN3rRmnBr9SjYW180Pdh6r7cPtW7s8ZF35RsKWKW5DtSTf2Xc_KlVPgm4K2MyM2wW762jnz5yXs_P0
4: https://info.deviceauthority.com/e2t/c/*W8KY9DW2S7m0PW8xYn5r8P6FJR0/*W2lSSW97-VpZcW7dXJMp4CKd8Q0/5/f18dQhb0S3j42nRLwZLyv8lj33J6N6xg45CG1Pn1N3Wtn2WRfZkjMkQ5-mY6kW2W3ZW3Jm5CPFjqN7GHFnrk5dG3W26C7286J9Sj1W6TSRVY3vz9JhW4B5HfP3pCcflW7ljJ6J43mb3LW6fLDNY1_M_zzN30Wr4FBYd3_W5nypgH2QG7SqW2sYhC22CDbf3W12ry_g89-BxgN19lPry9_y9qVgGQXt7XYvztW2SGnD-8F8_NFW7WhXV76HYwBnW2tjSsx11FKFVW8SyBGg8V0yFHW750r1D3f1CMpW32kJLc7m1s46W8RR5Fy5Mjx1fW5y-VxK7KcX19VRYTFp41D9xCW2vd77H7GzyxmN4hyB1Vlt29vW7n4qPz1SLn-KW2LVwWY5Tx9ftW7bsd6W9cVLw0W1yz1Z314SMwjW2bjw1b7DqsWZV47f_R3HygnyW5LFz_T3lVtLWW3LsjQm6CFKfBW3X1N0c7y1NQQW5hrsV53jwlpJVzhH3y6GhXxHW8F1H-64PNqwLW3LCXG59bHMD4W4zsDhW2klGPVW3PVQJS8tbtLJW8SmqTb84qyZXW5wdsv41CPPS5ds_XCv11
5: https://info.deviceauthority.com/e2t/c/*W8KY9DW2S7m0PW8xYn5r8P6FJR0/*W57hn4t2MswLXW7ngHW_4DfTWl0/5/f18dQhb0S3j42Rwhz9V126x25gn6LqN6xfTTQJ0rt7W7RrR014W5Zv2W2nV83w4Y3PFDW7_jYCV77q0KFW8sVlcl4YQZZFW6b8r962TpXsxW4mmhWR61pM0cW8Q1pb58LhtnmW2MlW7z2z1VLgW3T2zNG23SQnmW4X5zL96vmQs2W3zzrYs5nhGj1W4fSxCR29qZR6W3JKx9P49vWLfW6B7Y9260WmglMg9XgYTgt_gW30NNmK7H598YN3ClDdnjxQ0nW4PZjpT5L8FNFW6N8Chq8DNCNVW2mdVn61lmLkTV6tSbX6w3Z4KW1l34fL5zYJ1zW75QS6v5zqVM9W1jQY2J6bMl6SW5Rg5N95ztvkMW85Sgqq1BcBl6W5gyL_Q7Y9h4SW6B_rX15MYwn9W4SPhd45yH0J0W49g3n56GbdMwN5Ws2K2C-cBqW6h2wsX7SpqSKW4m10sq3-jFJpW26XfmS66vTcdW6klQcR5Wr_p2W17Rh426SJpRrVvyjrW79NZgfW6fLtr36zBvv5W1hZ9q22lp8hPV1J92B1nP0LKW7F79kq1-ZFV0W4_Qy0l6ZmC4gW8L25nd7xq1-BW7s3hB92GYsvTW4nJRrH6DzJ79Vm7_kl1MLmN2111
6: https://info.deviceauthority.com/e2t/c/*W8KY9DW2S7m0PW8xYn5r8P6FJR0/*W8QC4lN4Xf99JN7mJWS4Sz_hb0/5/f18dQhb0S4006_rzZBM1xZrkBRQ_rW5m5N2g522q-gW18nDCS5xTBS0VkTyNX6W8KgFW7ZDqtD6XS2B0VWYGTk8XsMhnW46hQPX5Z25-mW2vTN0655X1V9N959Q389HLnSW5yjbCm6lp4f7W34cZxh3NG9rmVJ88Mr3cW3rzW3pY2hV4zLk8nN6LWH1FyMrSvW2HDz227KN6V8W7pHW8t5z8QLpW3nhWw06Z92DnVyvsbN5YPs-SW23jpYj1DQG7bN31qjmtK-Gy-W3Mx-S_61nrRtVkgCyD1jmfTSW5ZBCLg2VtXxgW5qm5lD839CfVW4WJ_S22JnhF0W2Gchgg4kmhlzMvLyjGt2XT4VfXrn-1wzMlgW7vVHdx2RNv8XW3NBWZB4PS2w4W4c5WfD14tNn6W8DMSZd24GQ8GW1fnnYg2BMQFXW6VLjkw1zhfxtW34MRx57Q6Ct6W2vy4PX4N6mb2W2q_yQL4Xz5nHW4LMxsj5hnmDJW5PrPTW2kmssGW6h7lrq7jzl4SN27p4HMnfY_0W1rQPKm6JQyf7W7CffV76KvDRWVk4Xvp9cdTBBf7N7QhZ02
7: https://info.deviceauthority.com/e2t/c/*W8KY9DW2S7m0PW8xYn5r8P6FJR0/*W3XLKyv8mX7d0N52J4CPvl3ZV0/5/f18dQhb0S3kg2WsqN3N12P5fQp-n7qW15L4zn2wthY0N2HMc8DjTpH9W80Zg4j4pp8YjW18yyvg4gSfT6W1__BCv2vFkzdW2rXqL43mrD78W2bZ6Wk6YQ8gwVFvWTg6XW5PFV7x6Rw3z2n2fW73C5mS8kCCKtW6Ppt103dwVMcW1KVlG33gZCtJW1F7xB22WfNq-W1pD1mS355wTSW2nFx-M3lDbzpW2gnZJW4Dy0yTW1YdP0D2G7QZJW7FPhmQ6FWgc8V8bxl67Ywk11VBKRJl2_2-GzVh78Zn2lh1_YW1ZDHPL5jQ2gyW70_-Z48PZkhrW59-w5R2zZmlbW1Ry5PQ1ckMsGW1SfYSR4bWsFzW44PGw65v1G_9W5q0GY25WQ9YPW6sDm1K85rfz4VbqsFp6Ly48XW4k3NnY8qcVxGW7shxvC509l-NW99Btjl4mD6MKW8fdqYy44pJ-BN8DMwBWv6ZrDW4hZvw28SwWC6W44Hg5Y6cSVBwW3p9hZz7ndX1HW7Tj8Fh5LLzB4VxyxmZ2RdvmRW1q4vsX3SbGDjW53hD0-2RwBbjVsPbNT29Q11_W653jLf4zCpT_W9b__J16cpDDPW7MgYPJ5xXx0cW4FZ72V2hzzbmW7GHNzd8Vx5Tdf4Pkx6p02
8: https://info.deviceauthority.com/e2t/c/*W8KY9DW2S7m0PW8xYn5r8P6FJR0/*N5qBGwHFyXjBN5qgbTHPLp-R0/5/f18dQhb0S3j473F0FpW12gM5d2_QM1nVtRkCg25CPZlN7JF9Dzl5pnNW3h0Vtl4NxDNHW758nx34l0RkZW7x34xq10nCYLW4w1jPq6sHrj9W3pq8ZD50c_RRW9lfC2w5SNtrrW2gR29p4nGwc4W8nQQXv2M_TRbW6FC5X_68kpHcW59Nwqc2n4W57W7qkLzD2KvfMpV2bBs42Gnrt0VFVc692ZVKb1N2H5BJt27wFLVjHhl54Mh3BxW54-yW87fLBNLW1xBw4M92sVXLW7Zm_wm8n27lvW3Xs1Q42twn6FW2pKRnS8BRcNCW2cNH292lXmF9W3813Tn2vwt--W4MkVfk1XzjWsW7t_Fwh6zr2bZW1pLJg76FlG2hN5skGSz2g-pKW47pVJQ2BgTD2W7pskT42DRS7lW5fLm4g8j6gwPW6Jy9vL3czF5xW7VV_p_8jk4lXW15qydr32GrqfW8_WttF8JW-14W3ZsCzt7bpJ7SW2x_M_n4lSnH4W6lH-nH6HGshVW1WlSbn7yrGM2V_RdqR57rWqQN2VQgY6GB0V6W65L7W61l7hQxW4FYhmg4wX1VqW9cJn7P4cp2gpW9fLSvh8ptjPwW3cbwHw2k1SHJW5HPCkB1LR4CGW1FYxX11r87V3f5yXs_P04
9: https://info.deviceauthority.com/e2t/c/*W8KY9DW2S7m0PW8xYn5r8P6FJR0/*W1PhfBF18J7Z_W6QS1z-26B-TB0/5/f18dQhb0S3kg2WsqN3VWlP0_3lDBwxV469xq53cmSLW2Qc1wG101pvZN7n1n2p9_bMMW8dSRf65cmtjyW5Ds-LV6w6FGLVr21hh1BNN_1Vz70zS3s_gxtW9cfqxq4HrBL_W98FL5d1MFccjW1Z37w82WxKblW3NyQzp7KdYh6W3jmBvb7c5pDtVFm6K81bwrLqW7NbZLl8TLJBGW2pv9HN56p3YkVZvKwq5TShfWM-J9CrDHC2vW3QtRZq2zDpmHVBJSNj26k5kFW6s5M_02TvtHTW79KtNP3M7z6VW3ChX1D3b8tZ5W43gLpP3cM3XjW1Wrj3V3QPN0nN1WGMGCfz2qSW516sr36KwnF-VnjWjp49T0TNW7GqQXh7WRDscW87ptHC98tmsgW3xMQlN7rnGkFW31b_3_41lCTkW6ZzwvL1F4XT7W8RCqDk1z7VXtN7qVcb91s7pgW4VVD4L85r8FmW6TltGg44HsN2N68F4l_LMt6ZW95b6gz3sjKtkW1Gpmlx5g69kYW1WtyNx8Bz0jBW1XqF713n7WyVN3J13jtM-cDXW6xQhQt2stnV5W4v_HMV3Q0xPcW5DK42G70RWGtW8_k3ch9hZFMxW8NNSsS5pFb9sW24BP-V4xcT8k102
10: https://info.deviceauthority.com/e2t/c/*W8KY9DW2S7m0PW8xYn5r8P6FJR0/*W1FLyhG3wwyYJW4rkNwC4Vh3RS0/5/f18dQhb0S3j42dYTs8M11WVZF2wzkW6vjmBz1tb8q7W6FNHC01_6t4CW5SNCzT2MqN-cW4d5l5v85kBTZW1vwRnY68vxcNW4NB34l1g9-Y4W2tgm0-55W9f0W8Q1Vff4BvR73W703hVw4v1NLKW5M59Gh7zC5Q7W831DMm6DMqmVN3ZfrY9z15qYW1Plzh52wBpxnN7KGXgX4zzkHV58rgB4KhKGJVf3WqC1P2kYSW4ZY-Xd1NdM6cW5yG2LQ8vYdrRW3GQsJ41mQ1MnW2t_Bsq8wLZ-hW5WZbjn6br-WsW3fYRW-2KGftjN3qRC08FZdT9W7bTbvR13rbYKW8FNxjl5-Hg3PW5Dq6J_51XdKjW3bDNQQ6wLW1CW7NbzHM91lkW7W8G25Xr2z7Bq3W5jPtWL3MVDl3W20d-Nt6kVtn9W6JD0_h2qBnyMW7FVRvb2p2kmJW83-_vk1BK1SwVQWfyP1-V9RdW5rW5Z16znPJDW402B1k6l_-xzW54pwl17K1bQFN2L2nhlBrCLXW1h7pYW3Ng6fwN3p7QLnFPgr3W47L6p43xSs6LW9dZLZ88yGl53VRVCVQ4yD2d3W9j_ZsP3p-7PnW4J6tSM5z-4qhVSQTF73lJLDq103
11: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=b707fc10a6045daec51dd1f84877b3e6&application_id=1035795&site_id=vwd&application_name=news
(END) Dow Jones Newswires
May 05, 2020 03:15 ET (07:15 GMT)
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