AGM Statement

RNS Number : 0421N

Tern PLC

03 September 2013

 



                                                                                                                  03 September 2013

Tern plc

("Tern" or "the Company")

AGM Statement

The Directors of Tern Plc confirm this is the last Annual General Meeting in respect of the business formerly carried on by the Company under the name Silvermere Energy plc. 

As set out in a circular dated 31 July 2013, shareholders approved the sale of the Company's oil and gas interests, change of investing policy to the IT sector and change of name to Tern plc on 16 August 2013.  As a result Tern plc is focused on the fast changing software market, specifically the telecoms, mobile, cloud and internet sub-sectors. 

I would like to take this opportunity to thank the outgoing directors, Frank Moxon, Andy Morrison and Stewart Dalby.

 Disruptive IT Opportunity

The market for IT is changing which is creating opportunities for disruptive technologies as more and more users change the way they work, utilising the cloud and mobile applications.

There are many new requirements, for instance: billing systems; security as data moves outside firewalls; a wide range of applications and automating processes to drive business efficiencies.  New methods of charging are also being introduced, for example, pay-per-transaction rather than annual or perpetual licences - which offer high returns for software companies.

IT businesses which are technically excellent may not have the management and sales and marketing skills to fully exploit their opportunity. The new Board and senior management plan to acquire established IT companies with their own Intellectual Property, and assist them in developing and expanding both in the UK and overseas. Tern will accelerate value creation before exiting through a sale or flotation, thereby returning value to shareholders.

Primary Targets Identified

The new Board and senior management intend to build a small portfolio of companies Tern wholly owns or controls and provide hands-on operational development experience to its companies' managements. The experienced management team plans to take advantage of a structural change in the market for IT services as it offers high margins, relatively low cash requirement and potentially high exit values in short timescales.

A series of primary targets have initially been identified by the Company and the Tern management will be focused on concluding a transaction in a swift and an efficient manner.

Total Voting Rights and Share Capital

Tern Plc announces that the total number of ordinary shares of £0.00001 each in Tern Plc as at the date of this notice is 180,318,245. There are currently no shares held in treasury.

The total number of voting rights in Tern Plc is therefore 180,318,245. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Tern Plc, under the Disclosure and Transparency Rules.

Enquiries

Tern plc

Angus Forrest, Chairman                                                 Tel: [phone]

WH Ireland  

John Wakefield                                                                   Tel: [phone]

Peterhouse Corporate Finance (Joint broker) 

Jon Levinson/ Lucy Williams                                             Tel. [phone]

Bishopsgate Communications

Maxine Barnes/Nick Rome/Sam Allen                              Tel. [phone]

 

END

 

 

AGMUUSSROSAKRAR