Statement re appointment of new Chairman

1 June 2017

Tern Plc (AIM: TERN)

Appointment of new Chairman

Tern Plc (AIM:TERN), the investment company specialising in Internet of Things, is delighted to announce the appointment of Ian Ritchie CBE (aged 66) as Non-Executive Chairman with effect from 1 June 2017.

Ian brings to the Board a breadth of experience and an extensive track record in the software industry, in which he has worked for more than 35 years. His career to date spans leadership roles in both growing and investing in technology businesses.

Ian has been Chairman of AIM-listed cloud computing company, Iomart Group plc,
during which time revenues have risen from £8m to £89m, and EBITDA has grown from a loss of £1.4m to a positive £36.6m (as disclosed in March's year-end trading statement).

He is also currently Chairman of Computer Application Services Ltd and Krotos Ltd.  In addition, Ian has established and worked with a number of successful technology businesses. Most notably he founded Office Workstations Ltd, a pioneer developer of hypertext web browsing technology, building the business in Edinburgh and Seattle before selling it to Panasonic. 

Ian has a personal interest in the development and commercialisation of technology businesses, having founded ScotlandIS, the trade association championing Scotland's digital technologies industry, and worked with investment funds run by Northern Venture Trust plc and Pentech Ventures.

Ian is a Chartered Engineer and Computer Science graduate and has received several honorary doctorates, including most recently from the University of Edinburgh. Ian is a Fellow (and past-President) of the British Computer Society, the Royal Academy of Engineering and the Royal Society of Edinburgh. He was awarded a CBE in 2003 for his services to enterprise and education. 

Al Sisto, Chief Executive of Tern Plc, said:

"I am delighted to welcome Ian to the Board. We interviewed several strong candidates but Ian's extensive experience in the technology sector and in helping young companies grow made him stand out. Ian has an exemplary track record of working with management teams to deliver shareholder value and we look forward to working with him as we continue to deliver Tern's strategy."

Ian Ritchie, incoming Chairman, added:

"I am delighted to join Tern, a company with an exciting market focus and opportunity. Tern is at an important stage of the development of its portfolio. The company is positioned in key high growth areas and I look forward to working with the team to maximise these significant opportunities."

The following details in relation to the appointment of Mr Ritchie are disclosed in accordance with Schedule 2(g) of the AIM Rules:

Current directorships

CAS (EBT) Limited

Computer Application Services Limited

Creative Cookware LLP

Dynamic Earth Charitable Trust

Dynamic Earth Enterprises Limited

Edinburgh International Science Festival Limited

Edinburgh Science Festival Ventures Limited

iomart Group plc

Krotos Limited

National Theatre of Scotland

Pentech Advisory LP Limited

Saltire Ventures Limited

The David Hume Institute

The Saltire Foundation

Past directorships held within the last five years

Blipfoto Limited* Cogbooks Limited

Coppertop Concepts Limited

Glasgow Opportunities

Go Projects Limited

Musemantik Limited

Nominet Charitable Foundation

RAE Trading Limited Red Fox Media Limited*

The Go Group UK Limited

The Interactive Design Institute Limited

VIS Entertainment Limited

In relation to Schedule 2(g) (v) of the AIM Rules, Mr Ritchie was a non-executive director of two companies which are in liquidation:

Blipfoto Ltd.  The statement of affairs dated 9 May 2017 estimate the total deficiency as regards members to be £30,459.

Red Fox Media Limited.  The Administrators' Proposals dated 24 April 2017 estimate the total deficiency as regards members to be £125,334.

There are no other disclosures required under clause (g) Schedule Two of the AIM Rules in relation to the above appointment.

Enquiries

Tern Plc Al Sisto/Sarah Payne	via Redleaf
WH Ireland (NOMAD and joint broker) Mike Coe/Ed Allsopp	Tel: [phone]
Whitman Howard (Joint broker) Nick Lovering/Francis North	Tel: [phone]
Redleaf Communications Rebecca Sanders-Hewett/David Ison/Elise Palmer	Tel: [phone]

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Source: Tern Plc via Globenewswire