Tern PLC - investor focused on the 'internet of things' - Successfully raises gross proceeds of GBP4.0 million via PrimaryBid fundraise. Says its oversubscribed retail offer raised GBP2.0 million for 10.6 million shares priced at 18.8 pence each. Plus GBP2.0 million from subscriptions of 10.7 million new shares at the same price. Awaits admission of 21.3 million new shares to London's AIM market by July 26, or up to August 4 at the latest.
Chief Executive Al Sisto says: "We intend to utilise the proceeds to maximise the value to our shareholders of our portfolio and I look forward to providing further updates in due course."
Current stock price: 19.00p, down 15% on Wednesday afternoon
Year-to-date change: up sharply from 6.95p
By Scarlett Butler; scarlettbutler@alliancenews.com
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Tern (TERN)