REG - Tern PLC - Placing to raise £400,000

TernAnnouncement

16/12/2024 07:00

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RNS Number : 1926Q  Tern PLC  16 December 2024

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16 December 2024

 

Tern Plc

("Tern" or the "Company")

 

Placing to raise £400,000

 

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 raised £400,000, before expenses, through a
placing of 30,769,231 new ordinary shares ("Ordinary Shares") of 0.02p each in
the Company (the "Placing Shares") at a price of 1.3 pence per new Ordinary
Share (the "Issue Price") (the "Placing"). The Placing is conditional upon the
Placing Shares being admitted to trading on AIM ("Admission").

 

The Placing Shares will represent approximately 5.86 per cent. of the
Company's enlarged issued share capital following the Placing.  The Issue
Price represents a discount of approximately 16.13 per cent. to the mid-market
closing price of 1.55 pence per Ordinary Share on 13 December 2024, being the
latest practicable business day prior to the publication of this announcement.

 

The net proceeds of the Placing are currently intended to be used to provide
the Company with funds to invest further in one or more of Tern's portfolio
holdings and for general corporate purposes, including operating and legal
expenses.  Further announcements will be made by the Company in due course as
appropriate.

 

Shard Capital Partners LLP ("Shard Capital") acted as the Company's sole
placing agent in respect of the Placing.

 

Admission and Total Voting Rights

 

The Placing has been conducted utilising the Directors' existing authorities
to issue new Ordinary Shares.  The Placing Shares will rank pari passu in all
respects with the existing Ordinary Shares.  The Placing is conditional,
inter alia, on: i) there being no breach of the obligations under the Placing
Agreement entered into between Shard Capital and the Company prior to
Admission; and ii) Admission.  Application will be made to the London Stock
Exchange for the Placing Shares to be admitted to trading on AIM.  It is
expected that Admission will become effective and that dealings in the Placing
Shares on AIM will commence on or around 19 December 2024.

 

In accordance with the Financial Conduct Authority's Disclosure, Guidance and
Transparency Rules, the Company confirms that following Admission, the
Company's enlarged issued ordinary share capital will comprise 524,993,062
Ordinary Shares. The Company does not hold any shares in Treasury.
Therefore, from Admission, the total number of voting rights in the Company
will be 524,993,062 and from Admission this figure may be used by shareholders
in the Company as the denominator for the calculations to determine if they
are required to notify their interest in, or a change to their interest in the
Company, under the Disclosure Guidance and Transparency Rules.

 

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

 Graham Herring

 Florence Chandler

 

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