July 2020 - Directors deals not yet update - why?3 Sep 2020 12:16
Despite the equity funds raised below on:
(i) 3rd of Apr 2019 of £1.5m @ 8.5p
(ii) 30th of Oct 2019 of £1.75m @ 11.15p
(iii) 9th of Mar 2020 of £0.8m @ 6p
...and since the announcement of the share subscription for £1.5M on July 20th 2020 the share price had a nosedive .
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20 July 2020 - Tern Plc ("Tern" or the "Company")
Subscription for £1.5 million and H1 2020 Portfolio Update
Tern Plc (AIM:TERN), the investment company specialising in the Internet of Things ("IoT"), announces that it has raised £1.5 million before expenses through a subscription of 17,647,058 new ordinary shares of 0.02p each (the "Subscription Shares") at a price of 8.5 pence per new ordinary share (the "Issue Price") (the "Subscription"), conditional upon admission to AIM.
Tern also provides an update on the activities of the Company and its portfolio companies during the six months ended 30 June 2020 (H1 2020), ahead of publishing its interim results on 21 September 2020.
Highlights:
The funds raised via the Subscription are intended to be used to facilitate a new investment to expand Tern's portfolio and will also:
provide additional working capital generally; and
facilitate follow-on investment opportunities in Tern's principal portfolio companies as appropriate
62% year-on-year increase in turnover of principal portfolio companies for H1 2020. The Directors view this as an important positive result given the slow down across the economy during this period
7% year-on-year increase in employees within principal portfolio companies, a key growth measurement (H1 2019: 9%). This measure has been impacted in the latter half of the period by a slowdown in recruitment to ensure prudent management through the Covid-19 period
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Most of us are all sitting on heavy loss! any comments why the shareholders are unhappy of the latest fund raising?
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