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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: 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/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)
