Tern PLC: Final Results

Data : 05/05/2020 @ 09:15
Fonte : UK Regulatory (RNS & others)
Titolo : Tern Plc (TERN)
Quotazione : 9.0  0.0 (0.00%) @ 16:37
Quotazione Tern Grafico

Tern PLC: Final Results

 
 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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