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Tern PLC - Investor specialising in supporting early-stage 'internet of things' technology businesses - Confirms that 75% of its holding in InVMA Ltd, which trades as Konektio, has now been transferred to a valueless class of deferred shares. Further, Bruce Leith has stepped down from the Konektio board as Tern's representative.
Earlier in the year, Tern invested in the first tranche of Konektio's GBP2.5 million equity fundraise. In May, it committed to invest a minimum of GBP280,000 in the Konektio second trance, with an option of up to GBP400,000. However, earlier in November, Tern said it would no longer be investing in its portfolio company - particularly considering Konektio's monthly recurring revenue "not having met Tern's expectations".
Current stock price: 4.44 pence, up 4.5% in London on Wednesday morning
12-month change: down 59%
By Holly Beveridge, Alliance News reporter
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