REG - Tern PLC - Update regarding SVV2

TernAnnouncement

15/01/2026 07:00

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RNS Number : 9637O  Tern PLC  15 January 2026

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
THE MARKET ABUSE REGULATIONS (EU) NO. 596/2014 WHICH FORMS PART OF DOMESTIC UK
LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR").

 

 

15 January 2026

 

Tern Plc

 

("Tern" or the "Company")

 

Update regarding SVV2

 

Further to its announcement of 28 November 2025, Tern Plc, the AIM‑quoted
investment company, provides the following update regarding the position with
its capital commitment to Sure Valley Ventures Enterprise Capital Fund LP
("SVV2").

 

On 28 November 2025, Tern announced that, among other things, Tern had
requested relief from its funding obligations to SVV2 and that the General
Partner of SVV2 (the "General Partner") had confirmed that, under the terms of
the SVV2 Limited Partnership Agreement ("LPA"), Tern would be classified as a
'defaulting investor'.

 

Tern has now been notified by the General Partner that Tern has ceased to be a
limited partner in the SVV2 partnership and that the entire of Tern's interest
in SVV2 has been transferred to other investors in SVV2 or otherwise
forfeited.  Tern has been informed that it is to receive substantially nil
consideration, either now or at the end of the life of SVV2, in relation to
this.

 

The General Partner has also stated that it considers Tern to owe default
interest and costs, and additional legal costs amounting to a total of
approximately £40,000.  The General Partner has also stated that the LPA
requires a defaulting investor to indemnify the partnership and the General
Partner for losses arising as a consequence of a default, and has quantified
its view on the aggregate amount in this respect in relation to the period
between 28 November 2025 and 24 February 2032 as approximately £184,000,
although at this stage Tern does not consider that it has had sufficient data
to come to its own determination regarding the General Partner's view
regarding this deemed amount.

 

Tern is in the process of taking legal advice in relation to all the above
matters and will make further announcements as appropriate.

 

Enquiries

 

 Tern Plc                                           via IFC Advisory

 Jane McCracken (Interim Non-Executive Chair)

 Allenby Capital Limited                            Tel: 0203 328 5656

 (Nominated Adviser and Broker)

 Alex Brearley / Ashur Joseph (Corporate Finance)

 Kelly Gardiner (Sales and Corporate Broking)

 IFC Advisory                                       Tel: 0203 934 6632

 (Financial PR and IR)

 Tim Metcalfe

 Graham Herring

 Florence Staton

 

 

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