RE: TERN out of SURE?25 Feb 2026 18:49
In parallel with cost cutting measures, as announced on 28 November 2025, the Company exited its funding obligation to Sure Valley Ventures Enterprise Capital Fund LP ("SVV2"), having sought relief from future capital calls. Under the terms of the SVV2 Limited Partnership Agreement ("LPA"), Tern has been classified as a 'defaulting investor'. Tern announced on 15 January 2026 that it been notified by the General Partner of SVV2 (the "General Partner") that Tern has ceased to be a limited partner in the SVV2 partnership and that the entire of Tern's interest in SVV2 has been transferred to other investors in SVV2 or otherwise forfeited. Tern was also informed that it is to receive substantially nil consideration, either now or at the end of the life of SVV2, in relation to this. The General Partner also stated that it considers Tern to owe default interest and costs, and additional legal costs amounting to a total of approximately £40,000. The General Partner also stated to Tern that the LPA requires a defaulting investor to indemnify the partnership and the General Partner for losses arising as a consequence of a default, and quantified its view on the aggregate amount in this respect in relation to the period between 28 November 2025 and 24 February 2032 as approximately £184,000, although at this stage Tern continues to consider that it has had insufficient data to come to its own determination regarding the General Partner's view regarding this deemed amount. Tern continues to take legal advice in relation to its position regarding SVV2. This step to not invest further in SVV2 was taken to protect Tern's balance sheet and focus capital on its direct portfolio where the Directors believe Tern has the most influence and potential for value creation.
Looks like Terns loss to me. We should do very well out of this. Terns would be realisation payouts are now in the general pot.
Bit messy for now
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