Business
Interim results for the six months to 30 June 2023
Interim results for the six months to 30 June 2023.
About this update from Tern Plc
[{"type":"text","content":"\n\n16 August 2023\nTern Plc\n(\"Tern\" or the \"Company\")\nUnaudited interim results for the six months to 30 June 2023\nTern Plc (AIM: TERN), the company focused on value creation from Internet of Things (\"IoT\") technology businesses, announces its unaudited interim results for the six months to 30 June 2023 (the \"Period\").\nHighlights\n· Net asset value (\"NAV\") of £22.2 million as at 30 June 2023 (30 June 2022: £30.0 million, 31 December 2022: £24.9 million). This resulted in a reduction in net asset value per share from 6.4p as at 31 December 2022 to 5.7p as at 30 June 2023.\n· Portfolio valuation of £21.8 million as at 30 June 2023 (31 December 2022: £23.9 million).\n· £1.1 million was invested by Tern in its existing portfolio companies during the Period (six months to 30 June 2022: £0.8 million), supporting the portfolio companies' growth and development, together with maintaining Tern's position in certain portfolio companies.\n· £1.2 million was realised for Tern from sale of shares in Wyld Networks AB (\"Wyld Networks\") during the Period.\n· £2.1 million reduction in the value of the portfolio during the Period was primarily due to the £1.2 million value of Wyld Networks shares sold plus a fair value reduction of £2.0 million, offset by a £1.1 million investment in the portfolio. Of the £2.0 million fair value reduction:\no £0.3 million was attributed to the valuation of Device Authority, principally due to the retranslation of the US Dollar investment due to a strengthening of Sterling;\no £1.5 million was due to a combination of the reduction in the value of Wyld Networks as a result of a retranslation of the investment against a strengthening Sterling and a reduction in the market price of Wyld Networks shares as at 30 June 2023; and\no £0.1 million related to a reduction in the valuation of InVMA (trading as \"Konektio\") following the pricing of its recent fundraise.\n· Warrants issued over 5,524,007 ordinary shares in the Company exercisable at 6.78855 pence per ordinary share, a 50% premium to the share price on date of issue, which if exercised, would raise £0.4 million (net) for the Company.\n· £0.5 million initial drawdown on an up to £3m loan facility obtaine...