REG - Tern PLC - Further re. Wyld Networks Rights Issue

TernAnnouncement

25/10/2024 08:30

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RNS Number : 6716J  Tern PLC  25 October 2024

25 October 2024

 

Tern Plc

("Tern" or the "Company")

 

Further re. Wyld Networks Rights Issue

Tern Plc (AIM:TERN), the investment company specialising in supporting high
growth, early-stage, disruptive Internet of Things ("IoT") technology
businesses, announces that, following the Company's announcement on 2 October
2024, Wyld Networks AB ("Wyld Networks" or "Wyld") has today announced the
outcome of its new issue of units, containing shares and warrants of series
TO6, with preferential rights for existing shareholders in Wyld (the "Wyld
Rights Issue").

Wyld Networks has announced that approximately 8.4 percent of the Wyld Rights
Issue was subscribed for with unit rights, with approximately 0.5 percent of
the Wyld Rights Issue subscribed for without unit rights and approximately
46.3 percent of the Wyld Rights Issue was subscribed for by issue
underwriters. Wyld has announced that through the Wyld Rights Issue, Wyld
Networks will initially receive approximately SEK 41.0 million (approximately
£2.99 million) before issue costs and deduction of set-off of receivables of
SEK 6.1 million (approximately £0.44 million).

The Tern Board continues to believe that the Wyld Rights Issue was not in the
best interests of Wyld Networks' shareholders, including Tern, and Tern has
therefore not participated in the Wyld Rights Issue.  The Tern Board have,
and continue to, take advice on what, if any, options are available to it in
relation to its Wyld shareholding.

Tern holds a total of 3,263,457 shares in Wyld Networks, which following the
dilution caused as a result of the Wyld Rights Issue, will upon completion of
the Wyld Rights Issue represent approximately 0.7% of Wyld Networks' enlarged
issued share capital (before the exercise of TO6 warrants in Wyld Networks).

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 30 August 2024, as at 30 June 2024 Wyld had total assets of SEK
14.617 million (approximately £1.07 million) and incurred a net loss for the
six month period ended 30 June 2024 of SEK 22.294 million (approximately
£1.62 million).

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

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)

 Tim Metcalfe / Florence Chandler

 

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