Tern PLC: Device Authority convertible loan note maturity date extension

30 September 2020

Tern Plc ("Tern" or the "Company")

Device Authority convertible loan note maturity date extension

Tern Plc (AIM:TERN), the investment company specialising in the Internet of Things ("IoT"), announces that the maturity date for all convertible loan notes provided to its portfolio company Device Authority Limited ("Device Authority") by Tern, Alsop Louie Partners and the George Samenuk Family Trust et al., has been extended to 31 March 2021. All existing repayment and conversion rights, automatic and at the holder's option, have also been extended to 31 March 2021. All other terms of these loan notes remain unchanged. The outstanding loan balance payable by Device Authority to Tern currently stands at $3.6 million, excluding interest accrued to date.

Further details regarding the terms of Tern's loans to Device Authority can be found in the Company announcements regarding the first and second tranches of the loan notes made on 30 November 2017 and 28 December 2017 respectively. All other subsequent tranches of loans notes were issued on the same terms as the second tranche, save for any revisions to maturity dates. 

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