REG - Tern PLC - Konektio Administration

TernAnnouncement

05/03/2024 07:00

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RNS Number : 5432F  Tern PLC  05 March 2024

5 March 2024

 

Tern Plc

("Tern" or the "Company")

 

Konektio Administration

 

Tern Plc (AIM:TERN), the investment company specialising in supporting high
growth, early-stage, disruptive Internet of Things ("IoT") technology
businesses, announces that InVMA Limited, which trades as Konektio(TM)
("Konektio") has been placed into administration.

 

Tern announced on 8 November 2023 that the Company had decided not to invest
further in Konektio and following this decision, 75% of Tern's holding in
Konektio was transferred into a valueless class of Konektio deferred shares,
as announced on 29 November 2023.  Tern therefore currently holds
approximately 8.8% of Konektio's equity and this holding had an unaudited book
valuation of £222,624 as at 31 December 2023.  Following Konektio entering
administration, the Tern Directors believe that it is unlikely that any value
will be realisable from Tern's holding in Konektio and Tern's holding in
Konektio will therefore now be held at zero value.

 

Commenting Ian Ritchie, Chairman of Tern, said:

"Whilst it is obviously very disappointing that Konektio has been placed into
administration, it was clear to the Tern board that the Konektio business had
lost focus in the second half of 2023.  We therefore decided not to invest
further in Konektio in November 2023 and Tern's stake was significantly
reduced.  The nature of investing in early-stage technology businesses is
that there will inevitably be the occasional failure, but this is a first for
Tern.  I am happy to report that the remainder of Tern's portfolio companies
continue to perform well and I look forward to reporting on their continued
progress in due course."

 

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

 Tim Metcalfe

 Graham Herring

 Florence Chandler

 

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