Tern's stake in investee company Device Authority reduced

15th Feb 2017 12:07

(ShareCast News) - Shares in Tern are down more than 1% after its stake in investee company Device Authority Ltd was reduced as a non-executive director in that firm subscribed for preference shares.Device Authority non-executive director George Samenuk, former McAfee chairman and CEO, subscribed £50,000 for 134,042 Class A Preference Shares.Tern, an investment company specialising in Internet of Things, said its percentage of Device Authority's issued share capital was now 56.8%, down from 56.9% previously.At 11:56 GMT, shares in AIM-quoted Tern were down 1.22% to 10.12p each.