Tern PLC - Investor specialising in supporting early-stage ’internet of things’ technology businesses - Confirms that 75% of its holding in InVMA Ltd, which trades as Konektio, has now been transferred to a valueless class of deferred shares. Further, Bruce Leith has stepped down from the Konektio board as Tern’s representative.
Earlier in the year, Tern invested in the first tranche of Konektio’s £2.5 million equity fundraise. In May, it committed to invest a minimum of £280,000 in the Konektio second trance, with an option of up to £400,000. However, earlier in November, Tern said it would no longer be investing in its portfolio company - particularly considering Konektio’s monthly recurring revenue ‘not having met Tern’s expectations’.
Current stock price: 4.44 pence, up 4.5% in London on Wednesday morning
12-month change: down 59%
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