RCS - Tern PLC - Proposed Wyld Networks Directorate Change

TernAnnouncement

02/02/2023 11:15

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RNS Number : 7577O  Tern PLC  02 February 2023

REACH

 

2 February 2023

 

Tern Plc

("Tern" or the "Company")

 

Proposed Wyld Networks Directorate Change

 

Tern Plc (AIM:TERN), the company focused on value creation from Internet of
Things ("IoT") technology businesses, notes that Wyld Networks AB ("Wyld
Networks" or "Wyld") has today published a notice of Extraordinary General
Meeting (the "Wyld Notice") for Wyld shareholders to vote on, inter alia, the
appointment of Ramesh Kesanupalli to the Wyld board, as Al Sisto, having
served as a Wyld board member for over four years, has indicated that he
wishes to retire as a Wyld board member.  Ramesh Kesanupalli is an adviser to
Tern and a director of Tern's portfolio company, Device Authority Limited.
Tern holds 41.2% of Wyld Networks' equity.

 

Extracted from the Wyld Notice

 

"Proposed resolutions:

 

Item 7 - Determination of the number of board members and deputy board members

The shareholder Tern Plc, representing 41.2 percent of the shares in the
company (the "Shareholder"), proposes that the board of directors, for the
period until the end of the next annual general meeting, shall consist of four
board members with no deputy board members.

 

Item 8 -Election of new board member

Having served as a board member of the company for over four years, Albert
Sisto has informed Wyld Networks AB that he wishes to retire as a board
member. Therefore, the Shareholder proposes that Ramesh Kesanupalli is elected
as new board member for the period until the end of the next annual general
meeting. If the Extraordinary General Meeting resolves in accordance with the
proposal, the board of directors will consist of Mats L Andersson (chairman),
Mats R Andersson, Henrik Hedelius and Ramesh Kesanupalli.

 

Information regarding Ramesh Kesanupalli, born on 1 August 1965

Ramesh Kesanupalli is the Founder and CEO of Digital Trust Networks based in
Santa Clara, California. He also founded Accountable Digital Identity
Association standardizing Global Digital Identity Framework as an open
standard. Ramesh also founded Fido Alliance, a global standard for
passwordless authentication in the digital world.  Ramesh was also the
founder of Nok Nok Labs, which is the market leader for Fido authentication
servers. Ramesh previously held the position of CTO of Validity Sensors, which
was acquired by Synaptics. Earlier in his career, Ramesh also ran engineering,
marketing and business development for Phoenix Technologies.  He also
cofounded a video streaming company, Network24 communications, which was
acquired by Akamai. Ramesh also founded and ran the carrier middle software
company Kinera/Telsima for nine years. Ramesh sits on the boards of Device
Authority, GotrustID, ADI Association and Digital Trust Networks.

 

Ramesh brings vast Industry contacts globally, technology expertise in the
communication space, vision and market reach.

 

Ramesh is independent in relation to the company and the senior management of
the company. Ramesh is also independent in relation to the company's major
shareholders.

 

Ramesh does not hold any financial instruments in the company.

 

Item 9 - Determination of board remuneration

The Shareholder proposes that board remuneration, in accordance with the
renumeration levels decided by the Annual General Meeting 2022, shall be paid
to Ramesh Kesanupalli for his work in the board of directors, in proportion to
the duration of the assignment."

 

The full Wyld Notice may be accessed at:

https://wyldnetworks.com/investor-relations
(https://wyldnetworks.com/investor-relations)

 

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 (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 (mailto:tern@investor-focus.co.uk)

 Tim Metcalfe

 Graham Herring

 Florence Chandler

 

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