16-May-2018 / 07:00 GMT/BST
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16May 2018
Tern Plc(AIM: TERN) Porolio Update
Tern Plc(AIM:TERN), the investment company specialisingin the Internet ofThings ("IoT"), is pleased to provide an update on the ac'vi'es of its seven por(olio companies as it progresses its objec've of having twelve ac've por(olio investments. This includes Tern's latest investment, FundamentalVR.
The valua'ons of all por(olio company, save forFundamentalVR, were lastassessed asatTern's last reported balance sheet date of 31 December 2017. They will next be reviewed atTern's interim date, being 30 June 2018.
Device AuthorityLimited ("DA") - 56.8% holdingand latest balance sheetvalua'on £9.7m
DA con'nues to make progress in 2018 and to generate revenues with new partners and customers. Since the last por(olio 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 por(olio update;
- Entered into atechnology partnership with Gemalto N.V. ("Gemalto"),a world leader in digital security;
- Launched the Enterprise IoT Security Blueprint a framework for organisa'ons implemen'ng strong IoT iden'ty and data security opera'ons in any environment, detailingkey requirements, componentsand guidelines to be considered;
- Supported MicrosoE Azure IoT Hub following the recent release of KeyScaler 5.8, a global leader in Iden'ty and Access Management for IoT;and
- In tandem with InVMA, DA announced the availability of InVMA's AssetMinder secured by KeyScalerand in use with GCE Healthcare.
FVRVS Limited ("FundamentalVR") - acquired an 18.3% holdingfor £798,309 asannounced on 14May 2018.
- FundamentalVR is focused on the emerging approach called mixed reality (MR) combining virtual and augmented reality technologies with datacollected 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 DeloiIe'sTech Trends 2017:The KinecEnterprise);
- Fundamental Surgery is a VR and hap'c surgical simula'on pla(orm, providing arevolu'onaryand affordable way for surgeons to safely prac'ce and refine skills;
- FundamentalVR are working with hospitalsand leadingsurgical specialists of the development of its pla(orm and working with a number of industry pharmaceu'cal and equipment manufacturing brands;and
- FundamentalVTisalso aglobal development partner to MicrosoE for HoloLens Mixed Reality.
InVMA Limited ("InVMA") - 50% holdingand latest balance sheetvalua'on of £375,000
InVMA has had a posi've start to the year:
- CommiIed sales orders of £1m taken in 2017 asannounced on 24 January 2018;
- The Clarity TM pla(orm, developed by InVMA on behalf of GCE Healthcare, has been launched to the market;
- InVMA built the ini'al release for Howden following a PTC and MicrosoE partnership announcement to provide an industry leading AR and IoT solu'on to Colfax and its subsidiaries, Howden and ESAB. InVMA are also suppor'ng Howden with the con'nued development and architecture;
- AssetMinder(R) has been successfully implemented by customersand aresellerchannel has been secured to increase their reach;
- Other wins have included paid proof of values fora UK based liE manufacturerand a UK energy management company;and
- Tern has invested afurther £250,000 since 1 January 2018 to maintain its current holding.
flexiOPS Limited ("flexiOPS") - 100% holdingand latest balance sheetvalua'on of £78,000,
- Revenue genera've flexiOPScon'nues to workacrossa por(olio of research and development projects;
- flexiOPS' majority owned subsidiary, Wyld Technologies Limited ("Wyld") has been ac'vely developing business trac'on and a product roadmap in line with current market trendsand posi've market feedback;and
- Wyld has designed and is prototyping a new emergency and mass communica'on pla(orm that promises to deliver a new level of automa'on and intelligence while respec'ngand protec'ng users' privacy.
Seal So)ware Group Limited ("Seal So)ware") - <1% holdingand latest balance sheetvalua'on of £62,714
- Seal SoEware was named a 2018 Cool Vendor in ContentServices 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 genera'ngcontractsannounced in 2018.
Push TechnologyLimited ("Push") - <1% holdingand latest balance sheetvalua'on of £11,326
Al Sisto, CEO of Tern, said:
"Our por(olio companies con'nue 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 posi've reputa'on in a range of rapidly growing market and I look forward to repor'ngin the interim results for the six months ending 30 June 2018 on how this progress has impacted theirvalua'ons."
Enquiries
Tern Plc
Al Sisto/Sarah Payne |
via Redleaf |
WH Ireland Limited
(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 Communica4ons
Elisabeth Cowell/Fiona Norman |
Tel: 020 3757 6880 |
ISIN: GB00BFPMV798 Category Code:MSCH TIDM: TERN LEICode: 2138005F87SODHL9CQ36 Sequence No.: 5550 EQS News ID: 686377
End ofAnnouncementEQS News Service