RCS - Tern PLC - Sure Ventures Update

TernAnnouncement

11/03/2025 07:15

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RNS Number : 0868A  Tern PLC  11 March 2025

REACH - non-regulatory announcement*

 

11 March 2025

 

Tern Plc

 

("Tern" or the "Company")

 

Sure Ventures Update

 

Tern Plc (AIM:TERN), the investment company specialising in supporting high
growth, early-stage, disruptive Internet of Things ("IoT") technology
businesses, is pleased to note that Sure Ventures PLC ("Sure Ventures"), a
company in which Tern currently holds 2.7% of the equity, has announced that
the disposal of Visibility Blockchain Limited ("Getvisibility") is expected to
generate a gross cash inflow to Sure Ventures of £1.52 million upon its
completion, extracts of which are set out below.

 

Extracts from the Sure Ventures announcement:

 

Sure Ventures PLC, which invests in early-stage software companies in the
rapidly growing technology areas of Artificial Intelligence ("AI"), Augmented
Reality ("AR"), Virtual Reality ("VR") and the Internet of Things ("IoT"), is
pleased to announce that Sure Valley Ventures ICAV (Fund 1) has sold its
entire position in Visibility Blockchain Limited ("Getvisibility") in a cash
sale to Forcepoint.

 

Getvisibility is a cybersecurity company focusing on data visibility and
control and uses state-of-the-art artificial intelligence ("AI") to classify
and secure unstructured information and Forcepoint are a global leader in data
and cloud security. The sale price will remain an undisclosed amount (the
"Disposal"). However, the Disposal is expected to generate a gross cash inflow
to Sure Ventures PLC of £1.52m.

 

The sale of Getvisibility would represent a c.4.5x multiple on SVV 1's total
investment. As at the 31 December 2024, the carrying value of the Sure Valley
Ventures direct investment in Getvisibility was 7.024 million euros (on an
unaudited basis). The sale of Getvisibility has been legally agreed by all
parties but is subject to the satisfaction of certain conditions that are
customary for a transaction of this type.

 

Sure Ventures PLC will use this cash inflow to pay down the debt drawn from
its loan facility, ensure sufficient working capital is in place to continue
its strategy and then look to pay a dividend to shareholders. This will be in
line with the expert tax advice sought and rules relating to its investment
trust tax status.

 

Gareth Burchell, a Director of Sure Ventures PLC, said: "This is an excellent
result for Sure Ventures PLC and its shareholders. We would like to
congratulate the Sure Valley Ventures team, the founders of Getvisibility and
all connected with the execution of this sale. The proceeds will be used to
clear down our debt, keep cash to avoid shareholder dilution and then pay a
dividend to shareholders which the board will announce in due course.

 

Importantly, the message we wish to send shareholders is that SVV Fund 1 is
now in "exit mode" and now we have cleared our debt and made provision for the
future, any further exits will see increased returns by way of  further
dividends"

 

Enquiries

 

 Tern Plc                                                       via IFC Advisory

 Ian Richie, Chairman

 Allenby Capital Limited                                        Tel: 0203 328 5656

 (Nominated Adviser and Broker)

 Alex Brearley / Dan Dearden-Williams (Corporate Finance)

 Kelly Gardiner / Guy McDougall (Sales and Corporate Broking)

 IFC Advisory Limited                                           Tel: 0203 934 6630

 (Financial PR and IR)

 Tim Metcalfe

 Graham Herring

 Florence Staton

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