Tern PLC: InVMA appoints new CEO and secures Future Fund convertible loan Investment of GBP125,000 in InVMA (1123819)
August 27 2020 - 1:00AM
UK Regulatory
Tern PLC (TERN)
Tern PLC: InVMA appoints new CEO and secures Future Fund convertible loan
Investment of GBP125,000 in InVMA
27-Aug-2020 / 07:00 GMT/BST
Dissemination of a Regulatory Announcement that contains inside information
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
This announcement contains inside information for the purposes of Article 7
of EU Regulation 596/2014.
27 August 2020
Tern Plc ("Tern" or the "Company")
InVMA appoints new CEO and secures Future Fund convertible loan
Investment of GBP125,000 in InVMA
Tern Plc (AIM: TERN), the investment company specialising in the Internet of
Things ("IoT"), is pleased to announce that its portfolio company, InVMA
Limited ("InVMA"), the Industrial IoT company that enables customers to
digitally improve performance using predictive intelligence, has appointed
Peter Stephens as CEO and has secured a Future Fund convertible loan of
GBP125,000 which will be matched by Tern. Tern has a 50% holding in InVMA.
Appointment of InVMA CEO
The Board is delighted that Peter has joined the InVMA management team to
help finalise the transformation of the business to a SaaS based software
products company. Peter has extensive investment banking experience and most
recently in his career has focused on early stage software and technology
businesses. He brings to InVMA a proven track record of driving
international business growth and value, from senior operational roles in
Virgin Group, Bullitt Group and Nectarine Health. While at Bullitt Group,
revenues increased from $99m to $151m and Peter also secured an exit for
investors in Bullitt. He also recently secured an exit for investors in
Nectarine Health.
As part of the remuneration package Peter will also have the ability to
secure an equity position of up to 7% of InVMA equity, based on successful
completion of key strategic milestones.
Pat Nash, the co-founder and former CEO of InVMA, remains on the Board. In
his new role as Chief Innovation Officer he will work closely with Peter to
support the future growth and development of the business.
Future Fund convertible loan
InVMA has also secured additional investment of GBP0.25 million, with the UK
Future Fund Scheme and Tern contributing GBP125,000 each. The Scheme overview
is set out on the British Business Bank website
(https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-in
terruption-loan-schemes/future-fund/ [1]) with the key terms of the GBP0.25
million investment being as follows:
· Convertible at a 20% discount to the next round of funding
· 8% annual interest rolled up until conversion
· Convertible immediately on the next liquidity event
· Three year term
Peter Stephens, CEO of InVMA said "I am looking forward to working with the
founders of InVMA to build on the successful launch and initial growth of
AssetMinder sales and to establish AssetMinder as a leading product in
remote predictive monitoring."
Sarah Payne, Tern CFO and InVMA Chairman, said "Peter's commitment to join
InVMA is an important milestone for the company and his wealth of relevant
experience and software product knowledge will be invaluable as the team
spearheads its next stage of growth and development. His background of
delivering digital transformation across industries and geographies makes
him the ideal person to drive the transformation of InVMA into a leading
product company. InVMA is an exciting business, with a great reputation that
is well positioned in the fast growing Industrial IoT market. The funding
secured as part of the Future Fund initiative will enable a strong start to
Peter's programme of growth."
Enquiries
Tern Plc via Newgate Communications
Al Sisto/Sarah Payne
Allenby Capital Tel: 020 3328 5656
(Nomad and joint broker)
David Worlidge/Alex Brearley
Whitman Howard Tel: 020 7659 1234
(Joint broker)
Nick Lovering/Hugh Rich
Newgate Communications Tel: 020 3757 6880
Elisabeth Cowell/Megan Kovach
ISIN: GB00BFPMV798
Category Code: MSCH
TIDM: TERN
LEI Code: 2138005F87SODHL9CQ36
Sequence No.: 82969
EQS News ID: 1123819
End of Announcement EQS News Service
1: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=551bed2e9b0a0b0acfd1285ff6fdb8c4&application_id=1123819&site_id=vwd&application_name=news
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August 27, 2020 02:00 ET (06:00 GMT)
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