(Alliance News) - Tern PLC on Friday announced it has pocketed a total of GBP2.2 million through a placing and subscription.
The AIM-listed investment firm specialising in the Internet of Things said it will be issuing a total of 29.3 million shares at an issue price of 7.5 pence per share.
Tern shares were down 12% at 7.89 pence each in London on Friday.
Chief Executive Al Sisto said: "We are conscious of shareholder expectations regarding the use of the funds raised. We look forward to deploying them to both add value for our shareholders through further appropriate investment in our existing portfolio companies and any value enhancing opportunities to invest in new companies as they arise. We look forward to providing further updates on the progress of the company and its portfolio companies in due course."
Allenby Capital Ltd acted as nominated adviser and sole broker.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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Tern (TERN)