REG - Tern PLC - Exercise of warrants held in Wyld Networks

TernAnnouncement

25/04/2024 07:00

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RNS Number : 9384L  Tern PLC  25 April 2024

25 April 2024

 

Tern Plc

("Tern" or the "Company")

 

Exercise of warrants held in Wyld Networks

 

Tern Plc (AIM:TERN), the investment company specialising in supporting high
growth, early-stage, disruptive Internet of Things ("IoT") technology
businesses, announces that it has exercised 245,699 TO4 warrants held by Tern
in Wyld Networks AB ("Wyld Networks").  Tern will pay SEK 449,629
(approximately £33,400) to exercise these TO4 warrants to subscribe for
245,699 shares in Wyld Networks at SEK 1.83 per share, and this will be funded
from Tern's existing cash balances. Tern has sold the remaining TO4 warrants
that it held in Wyld Networks.

Prior to the completion of the TO4 warrant exercise, Tern held 22.5%* of Wyld
Networks' issued share capital.  The subscription period for the in
aggregate, 3,839,998 TO4 warrants commenced on 15 April 2024 and will end on
29 April 2024.  Following Tern's exercise of TO4 warrants, Tern will hold a
total of 4,106,666* shares in Wyld Networks. Assuming that all of the
outstanding TO4 warrants are exercised, Tern's holding in Wyld Networks will
reduce to 19.6%* and a further announcement regarding Tern's resultant
percentage holding in Wyld Networks will be made when the TO4 warrant exercise
process is completed.

Further information on Wyld Networks

Wyld Networks, quoted on the NASDAQ First North Growth Market in Stockholm,
enables affordable connectivity across the globe in areas where wireless
coverage is unavailable. The company specialises in providing wireless
connectivity between IoT sensors and Low-Earth-Orbit satellites via its Wyld
Connect solution. Wyld's IoT network management platform, Wyld Fusion, can be
used in a diverse range of sectors and use cases including energy, utilities,
agriculture, logistics, maritime and environmental monitoring.

Based on Wyld Networks' latest unaudited interim report announced by Wyld
Networks on 27 March 2024, as at 31 December 2023 it had net assets of SEK
6.684 million (approximately £0.49 million) and incurred a net loss for the
12 month period ended 31 December 2023 of SEK 47.517 million (approximately
£3.5 million).

Further information can be found at: https://wyldnetworks.com
(https://wyldnetworks.com)

* Pursuant to Tern's funding facility announced on 12 June 2023, under which
£307,692 is currently drawn down, Tern is required to maintain in escrow
shares in Wyld at a value of not less than 1.5 times the value of outstanding
amounts drawn down and accrued interest, as security for the Facility.

 

Enquiries

 

 Tern Plc                                                       via IFC Advisory

 Ian Ritchie (Chairman)

 Allenby Capital Limited                                        Tel: 0203 328 5656

 (Nominated Adviser and Broker)

 Alex Brearley / Dan Dearden-Williams (Corporate Finance)

 Kelly Gardiner / Guy McDougall (Sales and Corporate Broking)

 IFC Advisory                                                   Tel: 0203 934 6630

 (Financial PR and IR)                                          tern@investor-focus.co.uk (mailto:tern@investor-focus.co.uk)

 Tim Metcalfe

 Graham Herring

 Florence Chandler

 

 

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