RNS31 Aug 2023 07:13
Tern Plc, an investment company focused on IoT technology businesses, is holding a general meeting on September 26, 2023 to seek shareholder approval for the issuance of up to 37,500,000 new ordinary shares (representing approximately 9.6% of the company's existing issued ordinary share capital) generally and for cash while disapplying the pre-emption rights of existing shareholders.
The company needs the authority to issue new ordinary shares in order to:
Provide the company with the flexibility to raise, or have access to, funding to support its portfolio companies, as required.
Enable the company to participate, potentially at short notice, in potential fundraisings by its portfolio companies.
Potentially access the remaining £2.5 million of the £3.0 million loan facility.
If the resolutions are not passed, the company will likely be required to seek to satisfy its further funding requirements from the disposal of holdings in its portfolio in the short-term, which may not be in the best interests of the company and its shareholders.
In addition to the proposed issuance of new ordinary shares, the company also announced the following management changes:
Matthew Scherba has transitioned to the full-time Chief Executive Officer position at InVMA Limited, trading as Konektio, a Tern portfolio company.
Sarah Payne will step down as the company's Chief Financial Officer and Company Secretary on September 15, 2023 to take up a position with another company.
The company has appointed a part-time Chief Financial Officer, a non-Board position, and will be outsourcing the Company Secretary function.
Shareholders are encouraged to read the circular carefully and vote in favor of the resolutions at the general meeting.
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