Tern PLC: Extension of Device Authority Convertible Note Maturity Date

Dow Jones received a payment from EQS/DGAP to publish this press release.

Tern PLC (TERN) 
Tern PLC: Extension of Device Authority Convertible Note Maturity Date 
 
31-Dec-2018 / 07:00 GMT/BST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
31 December 2018 
 
        Tern Plc (the "Company", or the "Group") 
 
        Extension of Device Authority Convertible Note Maturity Date 
 
Tern Plc (AIM: TERN), the investment company specialising in the Internet of 
     Things ("IoT"), announces that all loan noteholders in Tern's portfolio 
company, Device Authority Limited ("DA"), have agreed to extend the maturity 
  date of all outstanding convertible [secured] loan notes provided to DA to 
                30 June 2019 (the "DA Loan"). 
 
   The total funds secured by DA through these facilities from DA's existing 
     shareholders, including Tern, is US$2,890,650. Tern's total convertible 
 secured loan note position with DA, which is now repayable on 30 June 2019, 
 is US$1,700,867, excluding interest accrued to date. All existing repayment 
 and conversion rights, automatic and at the holder's option, have also been 
extended to 30 June 2019. Further details regarding the terms of the DA Loan 
         can be found in the Company's announcement dated 14 September 2018. 
 
Al Sisto, CEO of Tern, said: "We are very pleased to continue supporting DA, 
along with the other loan noteholders, given the progress it has been making 
        with its marketing partners in securing contracts. Most recently, we 
   announced that DA had won a five year contract anticipated to be worth in 
  excess of $1 million over its lifetime and we look forward to reporting on 
         DA's future achievements as it continues to expand its presence and 
                recognition within the IoT security market." 
 
 This announcement contains inside information for the purposes of Article 7 
                of EU Regulation 596/2014 
 
Enquiries 
 
Tern Plc                          via Newgate Communications 
 
Al Sisto/Sarah Payne 
 
                  Allenby Capital         Tel: [phone] 
 
         (Nomad and joint broker) 
 
     David Worlidge/Alex Brearley 
 
                   Whitman Howard         Tel: [phone] 
 
                   (Joint broker) 
 
Nick Lovering/Christopher Furness 
 
           Newgate Communications         Tel: [phone] 
 
    Elisabeth Cowell/Fiona Norman 
 
ISIN:          GB00BFPMV798 
Category Code: MSCM 
TIDM:          TERN 
LEI Code:      2138005F87SODHL9CQ36 
Sequence No.:  7064 
EQS News ID:   762625 
 
End of Announcement EQS News Service 
 
 

(END) Dow Jones Newswires

December 31, 2018 02:01 ET (07:01 GMT)