REG - Tern PLC - Purple Transform appointment

TernAnnouncement

24/04/2025 07:02

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RNS Number : 9388F  Tern PLC  24 April 2025

 

24 April 2025

 

Tern Plc

 

("Tern" or the "Company")

 

Purple Transform appointment

 

Tern Plc (AIM:TERN), the investment company specialising in supporting high
growth, early-stage, disruptive Internet of Things ("IoT") technology
businesses, is pleased to announce that Bruce Leith, the Company's Business
Development Director, a non-board position, has been appointed as Executive
Chairman of Purple Transform Limited ("Purple Transform").  Tern will be paid
the fees for Bruce Leith's services.

 

Purple Transform is a company that Sure Valley Ventures Enterprise Capital LP
("SVV2") is invested in.  As announced on 2 March 2022, Tern has previously
committed to invest up to £5 million in SVV2 over the 10-year life of SVV2.
Tern has a 6.1% holding in SVV2.

 

Commenting, Ian Richie, Chairman of Tern, said: "As I have previously stated,
Tern's focus is on realisations, but we will take appropriate opportunities to
utilise the skills and experience of the Tern team's hands on approach to
generate income for Tern, without detracting from our primary purpose.
Bruce's appointment to assist Purple Transform will not only provide a modest
income stream for Tern, but it is intended to help drive value creation in the
Purple Transform business that Tern will benefit from through its holding in
SVV2."

 

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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