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Tern PLC (TERN)
Tern PLC: Update re. Convertible Loan to Device Authority Limited
20-Feb-2019 / 07:00 GMT/BST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
20 February 2019
Tern Plc (the "Company", or the "Group")
Update re. Convertible Loan to Device Authority Limited
On 14 January 2019, Tern Plc (AIM: TERN), the investment company
specialising in the Internet of Things ("IoT"), announced that it had agreed
to provide a convertible secured loan note up to a total value of US$400,000
("the Loan") to its portfolio company, Device Authority Limited ("DA"). The
Company advanced US$240,000 of the Loan to DA at that time and the provision
of the balance of US$160,000 was subject to the achievement of certain
commercial milestones by DA by 20 February 2019.
The Company is pleased to announce that DA has achieved the necessary
commercial milestones and has today advanced the remaining US$160,000 of the
Loan.
Accordingly, Tern's total convertible secured loan note position with DA is
currently US$2,100,867. The Loan is repayable on 30 June 2019, or such other
date as may be agreed between DA and the noteholders, to coincide with the
other outstanding loan notes to DA.
In accordance with the terms of the Loan, the Company has been issued with a
further 416,000 warrants, which are exercisable at any time before 11
January 2026. Each warrant provides the holder with the right to subscribe
for one Class A Preference Share of DA at an exercise price of GBP0.036681585
per share.
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.: 7565
EQS News ID: 777831
End of Announcement EQS News Service
(END) Dow Jones Newswires
February 20, 2019 02:01 ET (07:01 GMT)
