TERN Tern Plc

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 Tern PLC (TERN) 
Tern PLC: Portfolio Update 
 
16-May-2018 / 07:00 GMT/BST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
16 May 2018 
 
              Tern Plc (AIM: TERN) 
 
              Portfolio Update 
 
 Tern Plc (AIM:TERN), the investment company specialising in the Internet of 
    Things ("IoT"), is pleased to provide an update on the activities of its 
   seven portfolio companies as it progresses its objective of having twelve 
       active portfolio investments. This includes Tern's latest investment, 
                            FundamentalVR. 
 
  The valuations of all portfolio company, save for FundamentalVR, were last 
 assessed as at Tern's last reported balance sheet date of 31 December 2017. 
      They will next be reviewed at Tern's interim date, being 30 June 2018. 
 
    Device Authority Limited ("DA") - 56.8% holding and latest balance sheet 
                             valuation GBP9.7m 
 
     DA continues to make progress in 2018 and to generate revenues with new 
  partners and customers. Since the last portfolio update on 24 January 2018 
                            it has: 
 
  · Confirmed that Larsen & Toubro Infotech Limited ("LTI") is the party 
  which it entered into a strategic partnership, announced in the portfolio 
  update; 
 
  · Entered into a technology partnership with Gemalto N.V. ("Gemalto"), a 
  world leader in digital security; 
 
  · Launched the Enterprise IoT Security Blueprint [1] - a framework for 
  organisations implementing strong IoT identity and data security 
  operations in any environment, detailing key requirements, components and 
  guidelines to be considered; 
 
  · Supported Microsoft Azure IoT Hub following the recent release of 
  KeyScaler 5.8, a global leader in Identity and Access Management for IoT; 
  and 
 
  · In tandem with InVMA, DA announced the availability of InVMA's 
  AssetMinder secured by KeyScaler and in use with GCE Healthcare. 
 
 FVRVS Limited ("FundamentalVR") - acquired an 18.3% holding for GBP798,309 as 
                            announced on 14 May 2018. 
 
  · FundamentalVR is focused on the emerging approach called mixed reality 
  (MR) combining virtual and augmented reality technologies with data 
  collected from the internet of things (IoT) devices to create new 
  environments in which both digital and physical objects -- and their data 
  -- integrate with each other (as discussed in Deloitte's Tech Trends 2017: 
  The Kinetic Enterprise); 
 
  · Fundamental Surgery is a VR and haptic surgical simulation platform, 
  providing a revolutionary and affordable way for surgeons to safely 
  practice and refine skills; 
 
  · FundamentalVR are working with hospitals and leading surgical 
  specialists of the development of its platform and working with a number 
  of industry pharmaceutical and equipment manufacturing brands; and 
 
  · FundamentalVT is also a global development partner to Microsoft for 
  HoloLens Mixed Reality. 
 
 InVMA Limited ("InVMA") - 50% holding and latest balance sheet valuation of 
                             GBP375,000 
 
                            InVMA has had a positive start to the year: 
 
  · Committed sales orders of GBP1m taken in 2017 as announced on 24 January 
  2018; 
 
  · The ClarityTM platform, developed by InVMA on behalf of GCE Healthcare, 
  has been launched to the market; 
 
  · InVMA built the initial release for Howden following a PTC and Microsoft 
  partnership announcement to provide an industry leading AR and IoT 
  solution to Colfax and its subsidiaries, Howden and ESAB. InVMA are also 
  supporting Howden with the continued development and architecture; 
 
  · AssetMinder(R) has been successfully implemented by customers and a 
  reseller channel has been secured to increase their reach; 
 
  · Other wins have included paid proof of values for a UK based lift 
  manufacturer and a UK energy management company; and 
 
  · Tern has invested a further GBP250,000 since 1 January 2018 to maintain 
  its current holding. 
 
       flexiOPS Limited ("flexiOPS") - 100% holding and latest balance sheet 
                             valuation of GBP78,000, 
 
  · Revenue generative flexiOPS continues to work across a portfolio of 
  research and development projects; 
 
  · flexiOPS' majority owned subsidiary, Wyld Technologies Limited ("Wyld") 
  has been actively developing business traction and a product roadmap in 
  line with current market trends and positive market feedback; and 
 
  · Wyld has designed and is prototyping a new emergency and mass 
  communication platform that promises to deliver a new level of automation 
  and intelligence while respecting and protecting users' privacy. 
 
      Seal Software Group Limited ("Seal Software") - <1% holding and latest 
                             balance sheet valuation of GBP62,714 
 
  · Seal Software was named a 2018 Cool Vendor in Content Services by 
  Gartner; 
 
  · 8.6m preference shares were issued in March 2018 at $1.7/share, up from 
  $0.8/share at the previous issue in October 2017; and 
 
  · New revenue generating contracts announced in 2018. 
 
Push Technology Limited ("Push") - <1% holding and latest balance sheet 
valuation of GBP11,326 
 
                            Al Sisto, CEO of Tern, said: 
 
  "Our portfolio companies continue to win contracts and secure partnerships 
 with major companies, which is testament to the strength of their offering. 
       They are gaining market share and a positive reputation in a range of 
       rapidly growing market and I look forward to reporting in the interim 
     results for the six months ending 30 June 2018 on how this progress has 
                            impacted their valuations." 
 
Enquiries 
 
Tern Plc                      via Redleaf 
 
Al Sisto/Sarah Payne 
 
           WH Ireland Limited 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 3757 6880 
 
Elisabeth Cowell/Fiona Norman 
 
ISIN:          GB00BFPMV798 
Category Code: MSCH 
TIDM:          TERN 
LEI Code:      2138005F87SODHL9CQ36 
Sequence No.:  5550 
EQS News ID:   686377 
 
End of Announcement EQS News Service 
 
 
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May 16, 2018 02:01 ET (06:01 GMT)

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