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.