REACH - non-regulatory announcement*
11 March 2025
Tern Plc
("Tern"
or the "Company")
Sure Ventures
Update
Tern Plc (AIM:TERN),
the investment company specialising in supporting
high growth, early-stage, disruptive Internet of Things ("IoT")
technology businesses, is pleased to
note that Sure Ventures PLC ("Sure
Ventures"), a company in which Tern currently holds 2.7% of the
equity, has announced that the disposal
of Visibility Blockchain Limited
("Getvisibility") is expected to generate a gross cash inflow to
Sure Ventures of £1.52 million upon its completion, extracts of
which are set out below.
Extracts from the Sure Ventures
announcement:
Sure Ventures PLC, which invests in early-stage software
companies in the rapidly growing technology areas of Artificial
Intelligence ("AI"), Augmented Reality ("AR"), Virtual Reality
("VR") and the Internet of Things ("IoT"), is pleased to announce
that Sure Valley Ventures ICAV (Fund 1) has sold its entire
position in Visibility Blockchain Limited ("Getvisibility") in a
cash sale to Forcepoint.
Getvisibility is a cybersecurity company focusing on data
visibility and control and uses state-of-the-art artificial
intelligence ("AI") to classify and secure unstructured information
and Forcepoint are a global leader in data and cloud security. The
sale price will remain an undisclosed amount (the "Disposal").
However, the Disposal is expected to generate a gross cash inflow
to Sure Ventures PLC of £1.52m.
The sale of Getvisibility would represent a c.4.5x multiple on
SVV 1's total investment. As at the 31 December 2024, the carrying
value of the Sure Valley Ventures direct investment in
Getvisibility was 7.024 million euros (on an unaudited basis). The
sale of Getvisibility has been legally agreed by all parties but is
subject to the satisfaction of certain conditions that are
customary for a transaction of this type.
Sure Ventures PLC will use this cash inflow to pay down the
debt drawn from its loan facility, ensure sufficient working
capital is in place to continue its strategy and then look to pay a
dividend to shareholders. This will be in line with the expert tax
advice sought and rules relating to its investment trust tax
status.
Gareth Burchell, a Director of Sure Ventures PLC, said: "This
is an excellent result for Sure Ventures PLC and its shareholders.
We would like to congratulate the Sure Valley Ventures team, the
founders of Getvisibility and all connected with the execution of
this sale. The proceeds will be used to clear down our debt, keep
cash to avoid shareholder dilution and then pay a dividend to
shareholders which the board will announce in due
course.
Importantly, the message we wish to send shareholders is that
SVV Fund 1 is now in "exit mode" and now we have cleared our debt
and made provision for the future, any further exits will see
increased returns by way of further
dividends"
Enquiries
|
Tern Plc
Ian Richie, Chairman
|
via IFC Advisory
|
|
Allenby Capital Limited
(Nominated Adviser and
Broker)
Alex Brearley / Dan Dearden-Williams
(Corporate Finance)
Kelly Gardiner / Guy McDougall
(Sales and Corporate Broking)
|
Tel: 0203 328 5656
|
|
IFC
Advisory Limited
(Financial PR and IR)
Tim Metcalfe
Graham Herring
Florence Staton
|
Tel: 0203 934 6630
|
*
About Reach announcements
This is a Reach announcement. Reach
is an investor communication service aimed at assisting listed and
unlisted (including AIM quoted) companies to distribute media only
/ non-regulatory news releases into the public domain. Information
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Abuse Regulation or other regulation would be disseminated as an
RNS regulatory announcement and not on Reach.
