REG - Tern PLC - Device Authority Update

TernAnnouncement

30/09/2024 07:00

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RNS Number : 1267G  Tern PLC  30 September 2024

30 September 2024

Tern Plc

("Tern" or the "Company")

Device Authority Update

Tern Plc (AIM:TERN), the investment company specialising in supporting high
growth, early-stage, disruptive Internet of Things ("IoT") technology
businesses, announces an update in relation to Device Authority Limited
("Device Authority"), a company in which Tern has a 30.0% equity holding.

The remaining Tranche Two of the Device Authority Fundraising of US$3.3
million, by Ten Eleven Ventures ("Tranche Two") was, as announced on 27
December 2023, due to be completed on or prior to 30 September 2024.  Due to
the positive current performance of Device Authority, it has been agreed by
the Device Authority board to defer the completion of Tranche Two to, if
required, on or before 31 December 2024.

Tern's holding in Device Authority therefore remains unchanged at 30.0%
(before any dilution on exercise of share options or the potential completion
of Tranche Two), with this holding having an unaudited book valuation of
approximately US$5.4 million (approximately £4.2 million), as announced on 9
August 2024.

Unless otherwise stated, defined terms should be given the meaning given to
them in the Company's announcement made on 27 December 2023.

Further information on Device Authority

Device Authority is a global leader in Identity and Access Management ("IAM")
for the IoT; focused on the automotive, medical device ("IoMT") and industrial
("IIoT") sectors. Device Authority's KeyScaler™ platform provides zero touch
provisioning and complete automated lifecycle management for securing IoT
devices and data at scale, with frictionless deployment across device
provisioning, authentication, credential management, policy based end-to-end
data security/encryption and secure OTA (over the air) and HSM (hardware
security module) updates.

 

Enquiries
 
 Tern Plc                                                       via IFC Advisory

 Ian Ritchie (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                                                   Tel: 0203 934 6630

 (Financial PR and IR)

 Tim Metcalfe

 Graham Herring

 Florence Chandler

 

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