Tern PLCLSE: TERN

Tern: SVV2 settlement

· Issued by Tern PLC via RNS

Summary by 6ix

Tern Plc, which focuses on Internet of Things (internet-connected device) technology businesses, has settled with the General Partner of Sure Valley Ventures Enterprise Capital Fund LP (SVV2) all claims and potential liabilities from its former participation in SVV2, paying £73,740 to the General Partner.

Key details

  • Following the payment, Tern will have no further liability to SVV2 or the General Partner arising from its former participation in SVV2.
  • Tern had disclosed an estimated maximum potential exposure of approximately £200,000 as a contingent liability (a possible obligation depending on future events) in its annual report for the year ended 31 December 2025. Tern says the settlement removes the uncertainty around it.
  • On 28 November 2025, Tern requested relief from its funding obligations to SVV2 and was then classified as a 'defaulting investor' under the SVV2 Limited Partnership Agreement.
  • On 15 January 2026, Tern said it had ceased to be a limited partner in SVV2 and that its interest had been transferred to other investors or otherwise forfeited, with substantially nil consideration expected to be received.
  • The Directors say the settlement concludes the matter and will let Tern focus its capital on its direct portfolio companies.

6ix wrote this summary from the release below and checked it against the release.

On 6ix: 6ix.com/news/svv2-settlement

Tern PLC
12 October 2026
 

12 October 2026

Tern Plc

("Tern" or the "Company")

SVV2 settlement

Tern Plc (AIM: TERN), the company focused on value creation from Internet of Things (“IoT”) technology businesses, announces that, further to its previous announcements, it has reached a settlement with the General Partner (the “General Partner”) of Sure Valley Ventures Enterprise Capital Fund LP (“SVV2”) in respect of all claims and potential liabilities arising from Tern’s former participation in SVV2.

Under the terms of the settlement, Tern has made a payment of £73,740 to the General Partner. Following this payment, Tern will have no further liability to SVV2 or the General Partner arising from its former participation in SVV2 (the “Settlement”).

As stated in the Company’s interim results announced on 29 September 2026, the Directors expected that any settlement amount would be substantially lower than the estimated maximum potential exposure of approximately £200,000 previously disclosed as a contingent liability in the Company’s annual report and accounts for the year ended 31 December 2025. The Settlement therefore removes the uncertainty associated with this previously disclosed contingent liability.

As previously announced, on 28 November 2025 Tern requested relief from its funding obligations to SVV2 and was subsequently classified as a ‘defaulting investor’ under the terms of the SVV2 Limited Partnership Agreement. On 15 January 2026, Tern announced, among other things, that it had ceased to be a limited partner in the SVV2 partnership and that its interest in SVV2 had been transferred to other investors or otherwise forfeited, with substantially nil consideration expected to be received by Tern.

The Directors consider that the Settlement brings this matter to conclusion and will allow the Company to focus its capital resources on its direct portfolio companies, where the Directors believe Tern has the greatest influence and potential for value creation.

Enquiries

Tern Plc

Jane McCracken (Interim Non-Executive Chair)

via IFC Advisory

Allenby Capital Limited

(Nominated Adviser and Broker)

Alex Brearley / Ashur Joseph (Corporate Finance)

Kelly Gardiner (Sales and Corporate Broking)

Tel: 0203 328 5656

IFC Advisory

(Financial PR and IR)

Tim Metcalfe

Graham Herring

Florence Staton

Tel: 0203 934 6632

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 

Tern PLC on 6ix

Earlier from Tern

All Tern news releases