Tern PLC: Wyld Networks Limited issues GBP1.1m of Convertible Loan Notes to Tern to replace existing Cash Flow Loan and annou...

Data : 20/05/2020 @ 08:00
Fonte : UK Regulatory (RNS & others)
Titolo : Tern Plc (TERN)
Quotazione : 9.0  0.0 (0.00%) @ 16:37
Quotazione Tern Grafico

Tern PLC: Wyld Networks Limited issues GBP1.1m of Convertible Loan Notes to Tern to replace existing Cash Flow Loan and annou...

 
 Tern PLC (TERN) 
Tern PLC: Wyld Networks Limited issues GBP1.1m of Convertible Loan Notes to 
Tern to replace existing Cash Flow Loan and announces new agreement 
 
20-May-2020 / 07:00 GMT/BST 
Dissemination of a Regulatory Announcement that contains inside information 
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
20 May 2020 
 
        Tern Plc ("Tern" or the "Company") 
 
 Wyld Networks Limited issues GBP1.1m of Convertible Loan Notes to Tern to 
        replace existing Cash Flow Loan and announces new agreement 
 
Tern Plc (AIM: TERN), the investment company specialising in the Internet of 
  Things (IoT), announces that it has used the approximately GBP1.1 million of 
 cash flow loan monies outstanding from its portfolio company, Wyld Networks 
      Limited ("Wyld"), as at 19 May 2020 to apply for the subscription of a 
           secured convertible loan note ("CLN") in Wyld of the same amount. 
 
Tern is also pleased to announce that Wyld has also signed an agreement with 
Highland Health Ventures Ltd ("HHVL") to test and deploy its technology into 
       certain care homes in Scotland with the aim of helping to protect and 
    prevent the spread of COVID-19 and other viruses. HHVL is an independent 
 company with a collaboration agreement with NHS Highland for the purpose of 
                developing innovations in healthcare. 
 
    Wyld's technology is to be used to provide digital access and anonymised 
  social distance monitoring and alerting through a mobile application and a 
    mesh wireless network of connected smartphones and IoT devices. Wyld and 
     HHVL have already started the first project for the initial testing and 
  implementation of this technology in a care home in Scotland. The Board of 
  Tern believes that Wyld's technology may also have broader applications in 
                helping other businesses get back to work. 
 
 The Wyld system is to be used to create virtual ' geozones' around the care 
  home and particularly sensitive or quarantined areas, to control access as 
       well as dynamic personal two-metre geozones around everyone using the 
        application. All staff and visitors will have to download the mobile 
   application and input COVID-19 test results and enter any symptoms into a 
      self-diagnostic algorithm embedded in the application to create a risk 
profile. Residents without a smartphone could be given electronic wristbands 
                or similar. 
 
Anyone approaching a geozone will be sent a message to let them know if they 
   are allowed to enter. Wyld's real-time data analytics platform will allow 
       care home managers to contact and advise anyone who has been in close 
  contact with someone who tests positive for COVID-19 or develops symptoms. 
 
                Tern's CEO, Al Sisto, said: 
 
      "This agreement demonstrates how IoT technology can be used to support 
 healthcare workers in their fight against this devastating virus and we are 
  very proud of the Wyld team for developing a solution which we believe can 
contribute to this cause. In securing this agreement, Wyld is developing new 
 relationships aimed at helping slow the spread of COVID-19 across care home 
    communities and other environments where groups of people are housed. By 
      converting the cash flow loan monies due to Tern into the CLN, Tern is 
                providing Wyld with balance sheet stability." 
 
                Further information about the CLN 
 
       The secured CLN of GBP1.1 million bears interest at 5% per annum and is 
 convertible into Wyld shares, at Tern's option, on completion of an exit or 
 a Wyld equity fundraise of at least GBP1 million from a third party before 19 
   May 2021 (the "Maturity Date"). This conversion would take place at a 20% 
      discount to the Wyld equity fundraise price or the exit price per Wyld 
share. The CLN is not transferable other than with the prior consent of Wyld 
    and is subject to customary terms and conditions for such an instrument. 
 
Enquiries 
 
Tern Plc                          via Newgate Communications 
 
Al Sisto/Sarah Payne 
 
                  Allenby Capital         Tel: 020 3328 5656 
 
         (Nomad and joint broker) 
 
     David Worlidge/Alex Brearley 
 
                   Whitman Howard         Tel: 020 7659 1234 
 
                   (Joint broker) 
 
Nick Lovering/Christopher Furness 
 
           Newgate Communications         Tel: 020 3757 6880 
 
    Elisabeth Cowell/Megan Kovach 
 
ISIN:          GB00BFPMV798 
Category Code: MSCM 
TIDM:          TERN 
LEI Code:      2138005F87SODHL9CQ36 
Sequence No.:  64800 
EQS News ID:   1051303 
 
End of Announcement EQS News Service 
 
 

(END) Dow Jones Newswires

May 20, 2020 02:00 ET (06:00 GMT)

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