REG - Tern PLC - Device Authority update

TernAnnouncement

23/12/2024 11:45

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RNS Number : 1489R  Tern PLC  23 December 2024

23 December 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").

Completion of the remaining Tranche Two of the Device Authority Fundraising of
US$3.3 million, by Ten Eleven Ventures ("Tranche Two"), originally announced
on 27 December 2023, was, as announced on 30 September 2024, deferred due to
the positive performance of Device Authority to, if required, on or before 31
December 2024.  Whilst the positive performance of Device Authority has
continued, the Device Authority board and Ten Eleven Ventures have concluded
that completing Tranche Two now is in the best interests of Device Authority
and its shareholders to facilitate its continued business momentum.  Tranche
Two has therefore completed.

On completion of Tranche Two, Tern's holding in Device Authority has reduced
from 30.0% to 25.3% of Device Authority's equity (before any dilution on
exercise of share options), which has an unaudited book valuation of
approximately US$5.4 million (approximately £4.3 million) at the valuation
implied by the Tranche Two issue price, which is the same price as the Device
Authority Fundraising originally announced by the Company on 27 December 2023.

Commenting, David Palmer, General Partner of Ten Eleven Ventures, said: "Ten
Eleven Ventures are delighted to approve the follow-on funding for Device
Authority.  We are very pleased with Device Authority's progress to date and
to be on this journey with them."

Commenting, Tim Eades, Chair of Device Authority, said: "This is another
significant milestone for Device Authority and augers well for increasing the
sales momentum and accelerating our business model to allow Device Authority
to achieve its potential."

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.

Based on Device Authority's latest statutory accounts for the year ended 31
December 2023, as at that date it had net assets of £11,024,568 and incurred
a profit for the year of £4,303,751. Given the statutory nature of these
figures Tern does not consider this profit to be representative of the
current business and trading performance of Device Authority.

 
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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