Tern gets 37.5k in legal settlement

AIM-listed Tern said it has reached a settlement on a legal claim that was outstanding prior to its reorganisation in August 2013.

The investment company, which specialises in the cloud and mobile sector of the IT market, said it has received payment of its claim in full of £37,500 and awaits finalisation and payment of the legal costs and expenses it incurred in prosecuting this recovery.

It added that the settlement will be accounted for as an extraordinary credit in the company’s accounts.

At 1542 BST, Tern shares were 3.2% higher at 16.26p.