Business
Strategic Update
Strategic Update.
About this update from Tern Plc
[{"type":"text","content":"\n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014\n \n \n (WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018). UPON THE PUBLICATION OF THIS ANNOUNCEMENT THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE WITHIN THE PUBLIC DOMAIN.\n \n \n \n \n \n \n 21 July 2022\n \n \n \n \n \n \n \n \n Tern Plc\n \n \n \n \n (\"Tern\" or the \"Company\")\n \n \n \n \n \n \n \n \n \n Strategic Update\n \n \n \n \n \n \n \n \n Tern Plc (AIM:TERN), the company focused on value creation from Internet of Things (\"IoT\") technology businesses, is providing an update on the Company's strategy following the termination of its proposed acquisition of Pires Investments plc (\"Pires\"), announced earlier today.\n \n \n \n \n \n The board of Tern (the \"Board\") believes that the last two years have been pivotal for all of Tern's network of companies* and believes that they are all now well positioned for the future.\n \n \n \n \n \n Tern has, with its hands-on approach, supported the growth of its companies from their early start-up days to now, alongside validation from independent third-party investors, who invested after conducting thorough due diligence. The Board believes that these third-party investments demonstrate confidence in the companies' management teams, business models, market focus and future prospects. These actions in the past eighteen months have resulted in uplifts in their carried values for our shareholders, delivered important investors to help them achieve market relevance and have enabled them to gain important commercial traction and grow their monthly recurring revenues (\"MRR\").\n \n \n \n \n \n Whilst the Board believes that all of the companies in Tern's network are capable of further value enhancing growth under Tern's stewardship, the Board recognises the views expressed by a segment of the Company's shareholders who wish to see further demonstrations of the ability of the Tern business model to crystalise value for shareholders, specifically through the exit of an existing holding before further companies are added to the network of companies.\n \n \n \n \n \n July 2021 saw the first IPO of one of Tern's companies, Wyld Networks AB, on the NASDAQ First Nor...