Konektio Administration

Tern PLC
05 March 2024
 

5 March 2024

 

Tern Plc

("Tern" or the "Company")

 

Konektio Administration

 

Tern Plc (AIM:TERN), the investment company specialising in supporting high growth, early-stage, disruptive Internet of Things ("IoT") technology businesses, announces that InVMA Limited, which trades as KonektioTM ("Konektio") has been placed into administration.

 

Tern announced on 8 November 2023 that the Company had decided not to invest further in Konektio and following this decision, 75% of Tern's holding in Konektio was transferred into a valueless class of Konektio deferred shares, as announced on 29 November 2023.  Tern therefore currently holds approximately 8.8% of Konektio's equity and this holding had an unaudited book valuation of £222,624 as at 31 December 2023.  Following Konektio entering administration, the Tern Directors believe that it is unlikely that any value will be realisable from Tern's holding in Konektio and Tern's holding in Konektio will therefore now be held at zero value.

 

Commenting Ian Ritchie, Chairman of Tern, said:

"Whilst it is obviously very disappointing that Konektio has been placed into administration, it was clear to the Tern board that the Konektio business had lost focus in the second half of 2023.  We therefore decided not to invest further in Konektio in November 2023 and Tern's stake was significantly reduced.  The nature of investing in early-stage technology businesses is that there will inevitably be the occasional failure, but this is a first for Tern.  I am happy to report that the remainder of Tern's portfolio companies continue to perform well and I look forward to reporting on their continued progress in due course."

 

Enquiries

 

Tern Plc

Ian Ritchie (Chairman)

via IFC Advisory

 

Allenby Capital Limited

(Nominated Adviser and Broker)

Alex Brearley / Dan Dearden-Williams (Corporate Finance)

Kelly Gardiner / Guy McDougall (Sales and Corporate Broking)

 

Tel: 0203 328 5656

 

IFC Advisory

(Financial PR and IR)

Tim Metcalfe

Graham Herring

Florence Chandler

 

Tel: 0203 934 6630

tern@investor-focus.co.uk

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 

Companies

Tern (TERN)
UK 100

Latest directors dealings