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Tern PLC - internet of things-focused investor - Announces a conditional offer for subscription to retail and other investors, via PrimaryBid platform, of up to 10.6 million new shares at an issue price of 18.8 pence per retail share, being a discount of 16% to the closing mid-price on Monday. In addition, Tern also says it has raised GBP2 million from the subscription of 10.7 million new shares at the same price. Together with the retail offer, the fundraise is valued at around GBP4.0 million.
"The company intends that the net proceeds of the fundraise will be used to: give the company balance sheet strength to provide a strong negotiating position in relation to its portfolio companies and enable the company to participate in follow-on investment opportunities, as appropriate, with any portfolio company syndications; provide funding for a new investment opportunity in due course and for working capital generally," it explains.
Current stock price: 22.25 pence
Year-to-date change: more than three times higher
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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