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Friday, 29 September 2017

Statement re Update on Device Authority Fundraise

     

Published: 08:00 CEST 29-09-2017 /GlobeNewswire /Source: Tern Plc / : TERN /ISIN: GB00BFPMV798

Statement re Update on Device Authority Fundraise

29 September 2017

 

Tern Plc (AIM: TERN)

 

Update on Device Authority Limited Fundraise

 

 

Further to the announcement of 11 August 2017, Tern Plc (AIM:TERN), the investment company specialising in the Internet of Things ("IoT"), is pleased to announce that its investee company, Device Authority Limited ("Device Authority"), commenced its fundraising activity with US Capital Partners (www.uscapitalpartners.net) on 28 September 2017 to raise new equity through a private placement offering.  The investment opportunity is initially available to registered accredited investors and will be open for up to 120 days.

 

As previously announced, the minimum total subscription to be accepted by Device Authority through the private placement will be US$2.5 million, out of a total US$10 million offering, and first close is now expected to be during October 2017.  The fund-raising attributes a pre-money valuation to Device Authority of US$36 million or US$0.75 per share, an increase from the US$23 million or US$0.47 per share at the last equity issue in October 2016.

 

Upon completion of the US$2.5 million first close, Tern's ownership will be 53.2%.

 

Upon a successful and full completion of the proposed fund raise, Device Authority is forecast to achieve the following:

 

 

For year ending

2015

2016

2017

2017

2018

2019

2020

2021

31 December

Consolidated results

Actual

Actual

6 months

 to 30 June

 Actual

Projected

Projected

Projected

Projected

Projected

 

$000

$000

$000

$000

$000

$000

$000

$000

Recognised revenue

71.2

57.0

39.8

604.2

5,106.6

10,805.0

20,342.4

33,413.3

Cost of sale

-

-

-

8.5

76.6

149.7

286.8

501.2

 

 

 

 

 

 

 

 

 

Gross profit/(loss)

71.2

57.0

39.8

595.7

5,030.0

10,655.2

20,055.6

32,912.1

 

 

 

 

 

 

 

 

 

SG&A

1,132.8

2,215.6

1,725.9

2,837.6

4,776.9

6,403.5

8,440.9

11,297.4

R&D

195.6

653.7

40.4

1,472.1

2,229.1

2,566.2

3,019.4

3,904.7

 

 

 

 

 

 

 

 

 

EBITDA

(1,257.2)

(2,812.4)

(1,726.5)

(3,713.9)

(1,976.0)

1,685.5

8,595.3

17,710.0

 

 

 

 

 

 

 

 

 

Net profit/(loss)

(1,278.8)

(2,714.3)

(1,823.1)

(3,733.9)

(2,276.8)

1,340.5

8,240.6

17,374.9

 

 

This announcement includes inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those obligations.

 

 


 

Enquiries

Tern Plc

Al Sisto/Sarah Payne

via Redleaf

 

WH Ireland

(NOMAD and joint broker)

Mike Coe/Ed Allsopp

 

Tel: 0117 945 3470

 

Whitman Howard

(Joint broker)

Nick Lovering/Francis North

 

Tel: 020 7659 1234

 

Redleaf Communications

David Ison/Elisabeth Cowell

 

Tel: 020 7382 4730

 

 





This announcement is distributed by Nasdaq Corporate Solutions (One Liberty Plaza, 165 Broadway, New York, NY 10006. Tel: +1 212 401 8700. www.nasdaqomx.com) on behalf of Nasdaq Corporate Solutions clients. Source: Tern Plc, 9 Catherine Place, London SW1E 6DX, UK
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