RE: π₯ What's going on?21 Jan 2025 14:30
We took 2.7% and at the bottom says we all ready hold 5.9%
Total 8.6%
Tern Plc (AIM:TERN), the investment company specialising in supporting high growth, early-stage, disruptive Internet of Things ("IoT") technology businesses, announces that the Company has invested Β£175,000 of its cash balance in new ordinary shares in Sure Ventures plc ("Sure Ventures"), which are to be issued as part of a placing to raise a total of approximately Β£275,000 undertaken by Sure Ventures (the "Placing").
For its cash consideration of Β£175,000, Tern will acquire 213,414 new ordinary shares in Sure Ventures at a price of 82 pence per new ordinary share (the "Placing Price"). The Placing Price equates to the mid-market closing price of Sure Ventures' ordinary shares on 31 December 2024 and Tern's participation in the Placing will provide Tern with an approximate 2.7% holding in Sure Ventures on admission of the Placing shares to trading on the London Stock Exchange on or around 8 January 2025. Tern will have no restrictions on its ability to trade the Sure Ventures shares acquired in the Placing.
Sure Ventures is a venture capital fund which invests in early-stage software companies in the rapidly growing technology areas of Artificial Intelligence (AI), Augmented Reality (AR), Virtual Reality (VR) and IoT. It is listed on the Specialist Fund Segment of the London Stock Exchange with a reported net asset value per share, as at 30 September 2024, of 139 pence and a market capitalisation of Β£6.27 million, as at 31 December 2024 prior to the announcement of the Placing. Sure Ventures' unaudited interim report and financial statements announced on 5 December 2024 reported an unaudited loss before taxation and after finance costs for the six months ended 30 September 2024 of Β£181,746 and unaudited total net assets as at 30 September 2024 of Β£10,614,533.
Sure Ventures' principal investments are a 25.9% interest in Sure Valley Ventures Fund ("SVV1") and an approximate 6% interest in Sure Valley Enterprise Capital Fund ("SVV2"). Tern already has a direct 5.9% interest in SVV2.