Become a Member
  • Track your favourite stocks
  • Create & monitor portfolios
  • Daily portfolio value
Sign Up
Quickpicks
Add shares to your
quickpicks to
display them here!

Purple Transform appointment

24th Apr 2025 07:00

RNS Number : 9388F
Tern PLC
24 April 2025
 

 

24 April 2025

 

Tern Plc

 

("Tern" or the "Company")

 

Purple Transform appointment

 

Tern Plc (AIM:TERN), the investment company specialising in supporting high growth, early-stage, disruptive Internet of Things ("IoT") technology businesses, is pleased to announce that Bruce Leith, the Company's Business Development Director, a non-board position, has been appointed as Executive Chairman of Purple Transform Limited ("Purple Transform"). Tern will be paid the fees for Bruce Leith's services.

 

Purple Transform is a company that Sure Valley Ventures Enterprise Capital LP ("SVV2") is invested in. As announced on 2 March 2022, Tern has previously committed to invest up to £5 million in SVV2 over the 10-year life of SVV2. Tern has a 6.1% holding in SVV2.

 

Commenting, Ian Richie, Chairman of Tern, said: "As I have previously stated, Tern's focus is on realisations, but we will take appropriate opportunities to utilise the skills and experience of the Tern team's hands on approach to generate income for Tern, without detracting from our primary purpose. Bruce's appointment to assist Purple Transform will not only provide a modest income stream for Tern, but it is intended to help drive value creation in the Purple Transform business that Tern will benefit from through its holding in SVV2."

 

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

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
MSCBRGDSDDDDGUX

Related Shares:

Tern
FTSE 100 Latest
Value8,571.83
Change40.22