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Tern PLC: Statement re: Device Authority Forecasts from September 2017

3 Aug 2018 07:00

Tern PLC (TERN) Tern PLC: Statement re: Device Authority Forecasts from September 2017 03-Aug-2018 / 07:00 GMT/BST Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.


August 2018

Tern Plc (AIM: TERN)

 

Statement re: Device Authority Forecasts from September 2017

 

Tern Plc (AIM:TERN), the investment company specialising in the Internet of Things ("IoT"), seeks to clarify the RNS dated 29 September 2017, which included, inter alia, financial information for Device Authority Limited ("DA"), one of Tern's investee companies and in which Tern has a 56.8 per cent. holding.

 

The RNS of 29 September 2017 reproduced actual and forecast financial information regarding DA which DA's brokers, US Capital Partners, had made available on its website in order to promote a fundraising for DA. The forecasts were made public by Tern in order to ensure no disparity of information in the market. Both the RNS and the information on US Capital Partners website highlighted that the forecasts were conditional upon a full and successful $10m raise. The forecasts were prepared by the management of DA and the historic numbers were unaudited.

 

Tern announced on 1 February 2018 that the DA fundraise had not yet completed and was ongoing, signalling that further announcements would be made in respect of the fundraise. Tern announced its final results for the year ended 31 December 2017 on 27 March 2018, in which it was confirmed that DA did not achieve the announced revenue targets for 2017, and the DA fundraising had not yet been completed.

 

For the avoidance of any doubt, as the forecasts presented in the RNS of 29 September 2017 were conditional upon a successful and full completion of the proposed fundraise, Tern confirms that the DA forecasts of September 2017 are no longer relevant, and that DA does not have any forecast numbers in the public domain at the current time. The shareholders of DA remain supportive and have provided the company with $2,160,134 of additional funding by way of convertible loan notes since 30 November 2017, and further outside investment continues to be sought. Tern is pleased with the progress DA is making as outlined, for example, in the portfolio update announced on 16 May 2018 and subsequent announcements regarding the development of the strategic partnership with Thales.

 

An update on DA's performance will be provided in the Company's half yearly report for the six months ended 30 June 2018 which will be announced in the first half of September 2018.

 

 

Enquiries

 

Tern Plc

Al Sisto/Sarah Payne

Via Redleaf Communications

 

WH Ireland

(NOMAD and joint broker)

Mike Coe/Ed Allsopp

 

Tel: 0117 945 3470

 

Whitman Howard

(Joint broker)

Nick Lovering/Francis North

 

Tel: 020 7659 1234

 

Redleaf Communications

Elisabeth Cowell/Fiona Norman

 

Tel: 020 3757 6880

 


ISIN:GB00BFPMV798
Category Code:MSCU
TIDM:TERN
LEI Code:2138005F87SODHL9CQ36
Sequence No.:5829
EQS News ID:710609
 
End of AnnouncementEQS News Service

UK Regulatory announcement transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.

Date   Source Headline
25th Apr 20192:20 pmEQSTern PLC: Result of Annual General Meeting
23rd Apr 20199:00 amEQSTern PLC: Device Authority announces new strategic partnership and joint customer collaboration for the Internet of Medical Things ('IoMT')
15th Apr 20191:00 pmEQSTern PLC: Device Authority announces new strategic alliance
11th Apr 20197:00 amEQSTern PLC: Device Authority Update - issue of further convertible loan
4th Apr 20197:01 amEQSTern PLC: Shareholder Conference Call
3rd Apr 20199:05 amRNSSecond Price Monitoring Extn
3rd Apr 20199:00 amRNSPrice Monitoring Extension
3rd Apr 20197:01 amEQSTern PLC: Equity Fundraise of c. £1.5m
1st Apr 20197:00 amEQSTern PLC: New commercial order for InVMA
26th Mar 201910:10 amEQSTern PLC: New commercial order for FundamentalVR
19th Mar 20199:10 amEQSTern PLC: Device Authority Board Appointments
19th Mar 20197:01 amEQSTern PLC: Final results for the year ended 31 December 2018
4th Mar 20197:00 amEQSTern PLC: flexiOPS Business Update
20th Feb 20197:00 amEQSTern PLC: Update re. Convertible Loan to Device Authority Limited
31st Jan 20199:30 amEQSTern PLC: Further re. Long Term Contract Win for Device Authority
14th Jan 20197:00 amEQSTern PLC: Issue of further convertible loan to Device Authority Limited
3rd Jan 20195:16 pmEQSTern PLC: Holdings in Company
31st Dec 20187:01 amEQSTern PLC: Extension of Device Authority Convertible Note Maturity Date
27th Dec 20187:01 amEQSTern PLC: Long term contract win for Device Authority and Further re Portfolio Update
11th Dec 201812:30 pmEQSTern PLC: Device Authority Contract Win
27th Nov 201811:05 amRNSSecond Price Monitoring Extn
27th Nov 201811:00 amRNSPrice Monitoring Extension
23rd Nov 20182:34 pmEQSTern PLC: Holdings in Company
22nd Nov 20187:00 amEQSTern PLC: Portfolio Update
13th Nov 20184:29 pmEQSTern PLC: AIM Director Disclosure Update
30th Oct 20187:01 amEQSTern PLC: Additional Investment in FundamentalVR
17th Sep 20187:01 amEQSTern PLC: Unaudited Interim Results for the six months to 30 June 2018
14th Sep 20187:01 amEQSTern PLC: Issue of further loan to Device Authority Limited
31st Aug 20185:00 pmEQSTern PLC: Total Voting Rights
22nd Aug 20187:00 amEQSTern PLC: Notice of Results and Shareholder Conference Call
15th Aug 20187:00 amEQSTern PLC: Fundamental Surgery Launched in the US
13th Aug 20187:01 amEQSTern PLC: Change of adviser
13th Aug 20187:01 amEQSTern PLC: Change of Adviser
10th Aug 20182:00 pmRNSPrice Monitoring Extension
8th Aug 20183:10 pmEQSTern PLC: Updated Director Information
8th Aug 20187:00 amEQSTern PLC: Director/PDMR Dealing
7th Aug 20184:40 pmRNSSecond Price Monitoring Extn
7th Aug 20184:35 pmRNSPrice Monitoring Extension
7th Aug 20188:00 amEQSTern PLC: DA Recognised as 2018 Emerging Star in IoT Security Market
3rd Aug 20184:41 pmRNSSecond Price Monitoring Extn
3rd Aug 20184:35 pmRNSPrice Monitoring Extension
3rd Aug 20187:00 amEQSTern PLC: Statement re: Device Authority Forecasts from September 2017
25th Jul 201811:05 amRNSSecond Price Monitoring Extn
25th Jul 201811:00 amRNSPrice Monitoring Extension
25th Jul 20188:40 amEQSTern PLC: InVMA Acquires Assets from AMIHO Technology
25th Jul 20187:00 amEQSTern PLC: Equity Fundraise of c. £2.9m
11th Jul 20188:00 amEQSTern PLC: Thales and Device Authority officially launch solution to secure the Connected Health industry
10th Jul 20187:00 amEQSTern PLC: Additional Investment in InVMA
3rd Jul 20184:40 pmRNSSecond Price Monitoring Extn
3rd Jul 20184:35 pmRNSPrice Monitoring Extension

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