Tern Plc Statement Re Update On Device Authority Fundraise
September 29 2017 - 1:01AM
UK Regulatory
TIDMTERN
29 September 2017
Tern Plc (AIM: TERN)
Update on Device Authority Limited Fundraise
Further to the announcement of 11 August 2017, Tern Plc (AIM:TERN), the
investment company specialising in the Internet of Things ("IoT"), is
pleased to announce that its investee company, Device Authority Limited
("Device Authority"), commenced its fundraising activity with US Capital
Partners (www.uscapitalpartners.net) on 28 September 2017 to raise new
equity through a private placement offering. The investment opportunity
is initially available to registered accredited investors and will be
open for up to 120 days.
As previously announced, the minimum total subscription to be accepted
by Device Authority through the private placement will be US$2.5 million,
out of a total US$10 million offering, and first close is now expected
to be during October 2017. The fund-raising attributes a pre-money
valuation to Device Authority of US$36 million or US$0.75 per share, an
increase from the US$23 million or US$0.47 per share at the last equity
issue in October 2016.
Upon completion of the US$2.5 million first close, Tern's ownership will
be 53.2%.
Upon a successful and full completion of the proposed fund raise, Device
Authority is forecast to achieve the following:
For year ending 2015 2016 2017 2017 2018 2019 2020 2021
6 months
31 December to 30 June
Consolidated results Actual Actual Actual Projected Projected Projected Projected Projected
$000 $000 $000 $000 $000 $000 $000 $000
Recognised revenue 71.2 57.0 39.8 604.2 5,106.6 10,805.0 20,342.4 33,413.3
Cost of sale - - - 8.5 76.6 149.7 286.8 501.2
Gross profit/(loss) 71.2 57.0 39.8 595.7 5,030.0 10,655.2 20,055.6 32,912.1
SG&A 1,132.8 2,215.6 1,725.9 2,837.6 4,776.9 6,403.5 8,440.9 11,297.4
R&D 195.6 653.7 40.4 1,472.1 2,229.1 2,566.2 3,019.4 3,904.7
EBITDA (1,257.2) (2,812.4) (1,726.5) (3,713.9) (1,976.0) 1,685.5 8,595.3 17,710.0
Net profit/(loss) (1,278.8) (2,714.3) (1,823.1) (3,733.9) (2,276.8) 1,340.5 8,240.6 17,374.9
This announcement includes inside information as defined in Article 7 of
the Market Abuse Regulation No. 596/2014 and is disclosed in accordance
with the Company's obligations under Article 17 of those obligations.
Enquiries
Tern Plc via Redleaf
Al Sisto/Sarah Payne
WH Ireland Tel: 0117 945 3470
(NOMAD and joint broker)
Mike Coe/Ed Allsopp
Whitman Howard Tel: 020 7659 1234
(Joint broker)
Nick Lovering/Francis North
Redleaf Communications Tel: 020 7382 4730
David Ison/Elisabeth Cowell
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Tern Plc via Globenewswire
(END) Dow Jones Newswires
September 29, 2017 02:01 ET (06:01 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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