Tern PLC Konektio Fundraise (3581X)
2023年4月25日 - 3:00PM
RNSを含む英国規制内ニュース (英語)
TIDMTERN
RNS Number : 3581X
Tern PLC
25 April 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF EU REGULATION 596/2014 (WHICH FORMS PART OF
DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT
2018). UPON THE PUBLICATION OF THIS ANNOUNCEMENT THIS INSIDE
INFORMATION IS NOW CONSIDERED TO BE WITHIN THE PUBLIC DOMAIN.
25 April 2023
Tern Plc
("Tern" or the "Company")
Konektio Fundraise
Tern Plc (AIM:TERN), the investment company specialising in
supporting high growth, early-stage disruptive Internet of Things
(IoT) technology businesses, announces that its portfolio company,
InVMA Limited, which trades as Konektio ("Konektio") has completed
a GBP0.3m equity fundraise (the "Konektio Fundraise"). Tern has
invested GBP0.1m in the Konektio Fundraise, with the remainder
provided by Konektio's other institutional investors Mercia and
Foresight. Tern has also converted GBP0.5m of convertible loan
notes in Konektio ("Convertible Loan Notes").
Prior to the Konektio Fundraise, Tern had a holding of 36.8% in
Konektio and as at 30 June 2022, the date of Tern's last published
book valuation, this holding had an unaudited book valuation of
GBP2.2m. Since 30 June 2022, Tern, alongside others, has provided
funding to Konektio by subscribing for Convertible Loan Notes,
which bore annual interest of 8%, and the entire principal amount
and accrued interest have now converted, in line with the
Convertible Loan Notes' terms, into new equity in Konektio at a
discount of between 10% and 20% to the Konektio Fundraise price.
Post the Konektio Fundraise, Tern's holding in Konektio has
increased to 39.9% (before any dilution on exercise of any Konektio
employee share options) and Tern's holding now has an unaudited
book valuation, at the Konektio Fundraise price, of GBP1.0m.
Including its participation in the Konektio Fundraise and the
Convertible Loan Notes, Tern has, to date, invested approximately
GBP2.2m in Konektio. The Konektio Fundraise values Konektio in
total at approximately GBP3m on a post-money basis.
Commenting Al Sisto, CEO of Tern, said :
"The macroeconomic backdrop remains difficult, with high
inflation and high interest rates weighing heavily on the
technology ecosystem. The landscape for technology company
valuations has therefore deteriorated dramatically within the last
year. Whilst I am encouraged by the support of our co-investors in
working to keep AssetMinder at the forefront of its markets through
this modest funding round, I am disappointed to have to report a
55% decline in the fair value of our investment in Konektio. In our
view, this fails to reflect the strategic progress that has been
made within the business and which we expect to continue over
coming months.
"Our direct and hands-on support of Konektio is delivering
results, and the business continues to make progress. We are
encouraged by the market acceptance of the new release of
AssetMinder and the increase in Annual Recurring Revenue (ARR) at
the company. The investor group are keen on continuing this
progress and look forward to the ability of the business to become
self-supporting. "
About Konektio
Konektio provides an Industrial IoT Software as a Service (SaaS)
platform to Original Equipment Manufacturers (OEMs) and aftermarket
customers, as well as the connected product market. The software
enables remote asset monitoring and management to drive
productivity improvements. Konektio's primary product, AssetMinder,
is machine agnostic and allows manufacturers to diagnose issues and
proactively prescribe services plans, ultimately reducing downtime
and improving operational efficiency. According to the latest filed
financial statements for Konektio, for the 12 month period ended 31
December 2021, the business recorded an increase in retained
unaudited losses of GBP0.4m and at that date had unaudited net
assets of approximately GBP1.8m.
Enquiries
Tern Plc via IFC Advisory
Al Sisto (CEO)
Sarah Payne (CFO)
Allenby Capital Limited Tel: 0203 328 5656
(Nominated Adviser and Broker)
David Worlidge / Alex Brearley / Dan
Dearden-Williams (Corporate Finance)
Matt Butlin / Kelly Gardiner (Sales
and Corporate Broking)
IFC Advisory Tel: 0203 934 6630
(Financial PR and IR) tern@investor-focus.co.uk
Tim Metcalfe
Graham Herring
Florence Chandler
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