REG - Tern PLC - Placing to raise £625,000

TernAnnouncement

15/10/2024 07:00

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RNS Number : 1426I  Tern PLC  15 October 2024

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15 October 2024

 

Tern Plc

("Tern" or the "Company")

 

Placing to raise £625,000

 

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 £625,000, before expenses, through a
placing of 50,000,000 new ordinary shares ("Ordinary Shares") of 0.02p each in
the Company (the "Placing Shares") at a price of 1.25 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 10.1 per cent. of the
Company's enlarged issued share capital following the Placing.  The Issue
Price represents a discount of approximately 41.9 per cent. to the mid-market
closing price of 2.15 pence per Ordinary Share on 14 October 2024, being the
latest practicable business day prior to the publication of this announcement,
and is equal to the issue price of the recent open offer to Tern shareholders
which closed for acceptances on 20 September 2024.

 

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

 

CMC Markets UK Plc trading as CMC CapX, 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 CMC Markets 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 21 October 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 494,223,831
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 494,223,831 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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