Tern PLC: Wyld Networks Limited issues GBP1.1m of Convertible Loan Notes to Tern to replace existing Cash Flow Loan and annou... (1051303)
20 Maggio 2020 - 8:00AM
UK Regulatory
Tern PLC (TERN)
Tern PLC: Wyld Networks Limited issues GBP1.1m of Convertible Loan Notes to
Tern to replace existing Cash Flow Loan and announces new agreement
20-May-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.
20 May 2020
Tern Plc ("Tern" or the "Company")
Wyld Networks Limited issues GBP1.1m of Convertible Loan Notes to Tern to
replace existing Cash Flow Loan and announces new agreement
Tern Plc (AIM: TERN), the investment company specialising in the Internet of
Things (IoT), announces that it has used the approximately GBP1.1 million of
cash flow loan monies outstanding from its portfolio company, Wyld Networks
Limited ("Wyld"), as at 19 May 2020 to apply for the subscription of a
secured convertible loan note ("CLN") in Wyld of the same amount.
Tern is also pleased to announce that Wyld has also signed an agreement with
Highland Health Ventures Ltd ("HHVL") to test and deploy its technology into
certain care homes in Scotland with the aim of helping to protect and
prevent the spread of COVID-19 and other viruses. HHVL is an independent
company with a collaboration agreement with NHS Highland for the purpose of
developing innovations in healthcare.
Wyld's technology is to be used to provide digital access and anonymised
social distance monitoring and alerting through a mobile application and a
mesh wireless network of connected smartphones and IoT devices. Wyld and
HHVL have already started the first project for the initial testing and
implementation of this technology in a care home in Scotland. The Board of
Tern believes that Wyld's technology may also have broader applications in
helping other businesses get back to work.
The Wyld system is to be used to create virtual ' geozones' around the care
home and particularly sensitive or quarantined areas, to control access as
well as dynamic personal two-metre geozones around everyone using the
application. All staff and visitors will have to download the mobile
application and input COVID-19 test results and enter any symptoms into a
self-diagnostic algorithm embedded in the application to create a risk
profile. Residents without a smartphone could be given electronic wristbands
or similar.
Anyone approaching a geozone will be sent a message to let them know if they
are allowed to enter. Wyld's real-time data analytics platform will allow
care home managers to contact and advise anyone who has been in close
contact with someone who tests positive for COVID-19 or develops symptoms.
Tern's CEO, Al Sisto, said:
"This agreement demonstrates how IoT technology can be used to support
healthcare workers in their fight against this devastating virus and we are
very proud of the Wyld team for developing a solution which we believe can
contribute to this cause. In securing this agreement, Wyld is developing new
relationships aimed at helping slow the spread of COVID-19 across care home
communities and other environments where groups of people are housed. By
converting the cash flow loan monies due to Tern into the CLN, Tern is
providing Wyld with balance sheet stability."
Further information about the CLN
The secured CLN of GBP1.1 million bears interest at 5% per annum and is
convertible into Wyld shares, at Tern's option, on completion of an exit or
a Wyld equity fundraise of at least GBP1 million from a third party before 19
May 2021 (the "Maturity Date"). This conversion would take place at a 20%
discount to the Wyld equity fundraise price or the exit price per Wyld
share. The CLN is not transferable other than with the prior consent of Wyld
and is subject to customary terms and conditions for such an instrument.
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
ISIN: GB00BFPMV798
Category Code: MSCM
TIDM: TERN
LEI Code: 2138005F87SODHL9CQ36
Sequence No.: 64800
EQS News ID: 1051303
End of Announcement EQS News Service
(END) Dow Jones Newswires
May 20, 2020 02:00 ET (06:00 GMT)
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