RE: Rns Out10 Aug 2023 07:14
10 August 2023
Tern Plc
("Tern" or the "Company")
Board and Management Restructuring
Directorate Changes
Tern Plc (AIM:TERN), the investment company specialising in supporting high growth, early-stage, disruptive Internet of Things ("IoT") technology businesses, announces a number of changes to the board of the Company (the "Board") and the Company's management structure.
Matthew Scherba and Bruce Leith have both stepped down from the Board with immediate effect. Matthew Scherba, having been on secondment to Tern's portfolio company InVMA Limited, intends to transition to the full time Chief Executive Officer position at Konektio during August 2023. Bruce Leith will remain with Tern as an employee and a member of its senior management team.
Sarah Payne will step down as the Company's Chief Financial Officer and Company Secretary on or before 30 September 2023 to take up a position with another company, but will remain on the Board as a Non-Executive Director. A further announcement will be made when this change occurs. The Company expects to shortly appoint a part-time Chief Financial Officer, which will be a non-Board position.
Following these changes, the Board of the Company will comprise: Ian Ritchie (Non-executive Chairman), Alan Howarth (Senior Independent Non-Executive Director) and Sarah Payne (Non-executive Director).
The Board will be supported by a non-Board senior executive management team comprising: Al Sisto (as Chief Executive Officer), Bruce Leith and a part-time Chief Financial Officer. The senior management team will receive materially reduced remuneration from the levels they received when members of the Board.
In addition, the Company is implementing other cost saving measures, including moving to a lower cost office. However, the Company will continue to be required to incur legal and other professional fees associated with the portfolio companies and being an AIM quoted company at least at historic levels, before any additional professional costs, in particular legal costs, incurred in relation with the disposal of any portfolio company holding. Overall, the measures being implemented are expected to save approximately 40% of the Company's overall central costs in 2024, when compared to the level for 2022.
No compensation is being paid to any individual for loss of office or the change in their role. Additionally, on the disposal of Tern's holding in any of its portfolio companies the Board has resolved that no more that 10% of the net disposal proceeds will be available for additional Board, management or employee remuneration.
This Board and management restructuring is intended to provide an appropriate governance and management structure for the Company, at significantly reduced cost, as the Company seeks to realise value from its portfolio of IoT technology businesses. It is the Board's intention that the Company will not invest in any com
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