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New non-exec of Tern’s Device Authority subsidiary invests £50,000 of his own cash

Former McAfee chief executive George Samenuk has subscribed for 134,042 Class A Preference shares

silver bull and silver bear on a share certificate
Samenuk paid the going rate for the Class A shares

The new non-executive of Tern PLC’s (LON:TERN) Internet of Things (IoT) subsidiary Device Authority has ploughed a decent chunk of his own money into the firm.

Former McAfee, Inc (NYSE:MFE) chairman and chief executive George Samenuk only joined the Device Authority board last month but has already bought £50,000 worth of shares in the IoT firm.

“We welcome George's investment as a sign of his commitment to Device Authority and confidence in the success of the business,” said Device Authority chairman Al Sisto.

Samenuk has subscribed for 134,042 Class A Preference shares at the same price as they were issued last October.

The non-exec’s purchase has had a minor effect on Tern’s stake in Device Authority, which has fallen 10 basis points to 56.8% (previously 56.9%).

Shares closed slightly lower at 10.05p on Tuesday.

Quick facts: Tern PLC

Price: 9.25 GBX

AIM:TERN
Market: AIM
Market Cap: £26.21 m
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