SVV2 settlement

Tern PLC

12 October 2026

 

12 October 2026

Tern Plc

("Tern" or the "Company")

SVV2 settlement

Tern Plc (AIM: TERN), the company focused on value creation from Internet of Things (“IoT”) technology businesses, announces that, further to its previous announcements, it has reached a settlement with the General Partner (the “General Partner”) of Sure Valley Ventures Enterprise Capital Fund LP (“SVV2”) in respect of all claims and potential liabilities arising from Tern’s former participation in SVV2.

Under the terms of the settlement, Tern has made a payment of £73,740 to the General Partner. Following this payment, Tern will have no further liability to SVV2 or the General Partner arising from its former participation in SVV2 (the “Settlement”).

As stated in the Company’s interim results announced on 29 September 2026, the Directors expected that any settlement amount would be substantially lower than the estimated maximum potential exposure of approximately £200,000 previously disclosed as a contingent liability in the Company’s annual report and accounts for the year ended 31 December 2025. The Settlement therefore removes the uncertainty associated with this previously disclosed contingent liability.

As previously announced, on 28 November 2025 Tern requested relief from its funding obligations to SVV2 and was subsequently classified as a ‘defaulting investor’ under the terms of the SVV2 Limited Partnership Agreement. On 15 January 2026, Tern announced, among other things, that it had ceased to be a limited partner in the SVV2 partnership and that its interest in SVV2 had been transferred to other investors or otherwise forfeited, with substantially nil consideration expected to be received by Tern.

The Directors consider that the Settlement brings this matter to conclusion and will allow the Company to focus its capital resources on its direct portfolio companies, where the Directors believe Tern has the greatest influence and potential for value creation.

Enquiries

Tern Plc Jane McCracken (Interim Non-Executive Chair)	via IFC Advisory
Allenby Capital Limited (Nominated Adviser and Broker) Alex Brearley / Ashur Joseph (Corporate Finance) Kelly Gardiner (Sales and Corporate Broking)	Tel: [phone]
IFC Advisory (Financial PR and IR) Tim Metcalfe Graham Herring Florence Staton	Tel: [phone]

 

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