TERN Tern Plc

 
 Tern PLC (TERN) 
Tern PLC: FundamentalVR Series A Funding Round 
 
30-Oct-2019 / 07:00 GMT/BST 
Dissemination 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. 
 
 This announcement contains inside information for the purposes of Article 7 
                of EU Regulation 596/2014. 
 
30 October 2019 
 
        Tern Plc ("Tern" or the "Company") 
 
        FundamentalVR Series A Funding Round 
 
Tern Plc (AIM: TERN), the investment company specialising in the Internet of 
Things ("IoT"), is pleased to announce that FVRVS Limited ("FundamentalVR"), 
      a leading virtual reality ("VR") training and data analysis technology 
  platform and one of Tern's existing portfolio companies, has closed a GBP4.3 
   million Series A funding round, including a GBP0.5 million convertible loan 
 note conversion, with a post-money valuation of GBP11.3 million. This funding 
round allows for further investment into FundamentalVR's Fundamental Surgery 
 education platform, the first surgical simulation software system to deploy 
  HapticVR(TM), combining VR with cutting-edge haptics (the sense of touch). 
 
 The implicit price of the syndicated funding represents a 27% uplift on the 
  investment of GBP1.9 million made by the Company in FundamentalVR in May and 
           October 2018. Following the funding round, Tern's shareholding in 
FundamentalVR will be 26.9% with a valuation of GBP3.0 million, representing a 
                 fair value increase of GBP0.6 million. 
 
 The funding round was led by Downing Ventures, with participation from Epic 
   Private Equity and Brighteyes Ventures. Leading medical institutions also 
  participated in the funding round, including Mayo Clinic, one of America's 
   leading centres of medical excellence, and Sana Kliniken, one of Europe's 
leading medical organisations and the third largest hospital organisation in 
    Germany, which is a strong endorsement of the quality of FundamentalVR's 
                offering. 
 
       In conjunction with this funding round , Tern has converted, at a 20% 
 discount to the current fundraising price, GBP0.5 million of convertible loan 
        notes advanced to FundamentalVR (plus interest). Tern provided these 
           bridging loans to FundamentalVR between April and September 2019. 
 
    Based on FundamentalVR's latest statutory accounts for the year ended 31 
    December 2018, FundamentalVR had net assets of GBP817,952 at that date and 
                 incurred a loss for the year of GBP2,040,368. 
 
 Tern CEO, Al Sisto, said, "We identified early on that FundamentalVR's team 
        was developing a platform that was very special. A training and data 
       analysis offering which could revolutionise the skills development of 
surgical practice, while at the same time creating a database of significant 
importance to the industry. We are delighted that the value and relevance of 
     this exciting business and its entire staff has been recognised by this 
                outstanding syndicate of new investors we helped solidify." 
 
  "This is an important milestone for FundamentalVR and it epitomises Tern's 
 strategy to invest in great teams and ideas, not only through the provision 
  of capital, but also with active support and advice for the benefit of our 
shareholders. Changing the approach to learning and deploying new procedures 
       and products in the world of healthcare is of critical importance for 
  everyone's future and FundamentalVR is leading the way. We look forward to 
                announcing further important developments from the company." 
 
        **ENDS** 
 
Enquiries 
 
Tern plc                          Via Newgate Communications 
 
Al Sisto, CEO 
 
Sarah Payne, Finance Director 
 
Allenby Capital Limited           Tel: 0203 328 5656 
 
(Nomad and Joint broker) 
 
David Worlidge/Alex Brearley 
 
Whitman Howard                    Tel: 020 7659 1234 
 
(Joint broker) 
 
Nick Lovering/Christopher Furness 
 
Newgate Communications            Tel: 020 3757 6880 
 
PR 
 
Elisabeth Cowell/Megan Kovach 
 
ISIN:          GB00BFPMV798 
Category Code: MSCH 
TIDM:          TERN 
LEI Code:      2138005F87SODHL9CQ36 
Sequence No.:  25848 
EQS News ID:   899965 
 
End of Announcement EQS News Service 
 
 

(END) Dow Jones Newswires

October 30, 2019 03:00 ET (07:00 GMT)

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