REG - Tern PLC - Receipt of Bridging Loan

TernAnnouncement

24/07/2025 07:00

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RNS Number : 3194S  Tern PLC  24 July 2025

24 July 2025

 

Tern Plc

 

("Tern" or the "Company")

Receipt of Bridging Loan

Tern Plc (AIM:TERN), the investment company specialising in supporting high
growth, early-stage, disruptive Internet of Things ("IoT") technology
businesses, announces that ahead of the expected receipt of funds from the
Company's underwritten open offer to raise approximately £642,486 (before
expenses) announced on 14 July 2025 (the "Underwritten Open Offer"), Tern has
received a bridging loan, which has been provided by a vehicle controlled by
Al Sisto, non-board CEO of Tern, for the amount of approximately £45,000 (the
"Bridging Loan").

 

The proceeds of the Bridging Loan will be utilised to fulfil a commitment to
one of Tern's investments, and in doing so will allow Tern to retain its
rights in relation to this investment, and for general corporate purposes
until the expected receipt of funds from the Underwritten Open Offer, which is
expected to be on or around 31 July 2025. As at 30 June 2025, the Company's
unaudited cash balance was approximately £70,000.

 

The Bridging Loan is an unsecured loan that is repayable on 1 August 2025,
which is following the expected receipt of funds from the Underwritten Open
Offer. The effective annual interest rate on the Bridging Loan is
approximately 12%, which equates to approximately £150 during the term of the
loan.

 

Enquiries

 

 Tern Plc                                                       via IFC Advisory

 Jane McCracken (Chair)

 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 Staton

 

 

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