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Tern PLC - London-based ’internet-of-things’ focused investor - Announces that it has invested $280,000 in new unsecured convertible loan notes issued by Device Authority Ltd funded from the proceeds of the recent open offer. The CLNs carry an interest rate of 8% per annum and the CLNs’ principal amount and accrued interest are convertible on either a change of control of Device Authority, or a fundraising of at least $5 million undertaken by Device Authority, or, if neither have occurred on June 30 2027. On a change of control, the CLNs are convertible at a three times multiple to their face value and the value of accrued interest. On a qualifying fundraise the CLNs are convertible at a 25% discount to the qualifying fundraise price. As at June 30 2025, the date of Tern’s last published book valuation, Tern’s holding in Device Authority had a total unaudited book value of £4.0 million. Following the issue of the CLN, Tern’s holding in Device Authority will be unchanged and Tern will continue to hold around 25% of Device Authority’s equity, although now with a CLN holding of around £210,000. As part of the same overall funding round, Device Authority is in the process of raising up to $1.6 million of funding from existing investors through the issue of CLNs on the same terms. Jane McCracken, interim non-executive chair of Tern, says: ‘We remain very excited by the potential of Device Authority and our other portfolio companies, and are focused on realising value from them as soon as is appropriate.’ Current stock price: 0.76 pence 12-month change: down 43% Copyright 2026 Alliance News Ltd. All Rights Reserved.
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