Business
Statement re COVID-19 and Portfolio Update
Statement re COVID-19 and Portfolio Update.
About this update from Tern Plc
[{"type":"text","content":"\n \n\n\nTern PLC (TERN)\n\n\n\nTern PLC: Statement re COVID-19 and Portfolio Update26-March-2020 / 07:00 GMT/BSTDissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.The issuer is solely responsible for the content of this announcement.\n\n\n26 March 2020\n\n \n\nTern Plc (\"Tern\" or the \"Company\")\n\nStatement re COVID-19 and Portfolio Update\n\n \n\nTern Plc (AIM:TERN), the investment company specialising in the Internet of Things (\"IoT\"), provides an update on the impact of COVID-19 on the Company and the measures being taken by the Company and its principal portfolio companies along with a general update on its principal portfolio companies.\n\n \n\nTern is taking every precaution to protect its employees, advisors, suppliers and other stakeholders from COVID-19. \n\n \n\nThis is an unprecedented situation which is evolving daily. Tern has been working closely with its portfolio companies, all of which are now working remotely, since the outbreak was declared to ensure that they are well prepared to navigate the months ahead. Tern has been providing operational support and advice, helping each company to implement creative, pragmatic solutions and to develop dynamic financial models in response to COVID-19. Tern's management has also been holding regular sessions with the senior leadership teams of its principal portfolio companies to share insights regarding which methods and resources are delivering the best results. \n\n \n\nTern is monitoring the UK Government's support initiatives carefully as they become clearer and their mechanisms are put in place for our effective use. Tern has recently improved its cash position following the recent completion of its £0.8 million fundraise, announced on 9 March 2020. Tern maintains a positive view of the long-term growth potential of its portfolio and the ability of its portfolio companies to generate additional value. \n\n \n\n \n\nPortfolio update\n\n \n\nFundamentalVR (\"FVR\")\n\nTern holding: 26.9%\n\nSector: Healthcare IoT\n\nInvested Since: May 2018\n\n \n\nSurgical simulation company FVR continues to work with its customers to complete the simulations that they need to deliver their medical device and pharma-based prod...