LONDON (Alliance News) - Technology investing company Tern PLC on Tuesday said three of its directors have converted loan stock provided to the company in 2014 into new shares.
The three converted a total of GBP85,500 in convertible unsecured loan stock into Tern shares at 1.25 pence per share.
Executive Chairman Angus Forrest was issued 2.06 million shares, raising his total holding to 6.3 million shares. Bruce Leith, executive director of investments, was issued 2.5 million shares, taking his total holding up to 6.2 million shares, while Albert Sisto, director of investments and North America, was issued 2.3 million shares, taking his holding up to 6.2 million shares.
Tern said it expects the new shares issued to the directors to start trading on January 5.
Shares in Tern were up 1.4% to 18.50p on Tuesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Tern (TERN)