Last checked at 24 Aug 2022 07:00
24 August 2022
Tern Plc
("Tern" or the "Company")
Chief Executive Officer Subscription
Tern Plc (AIM:TERN), the company focused on value creation from Internet of Things ("IoT") technology businesses, announces that on 23 August 2022, the Company entered into a direct subscription (the "Subscription") with Albert Sisto, Chief Executive Officer, via the Albert E Sisto Revocable Trust, for a total of 200,000 new Ordinary Shares of 0.02p pence each ("Ordinary Shares") at an issue price of 9.9p pence per share (the "Issue Price") (the "Subscription Shares").
The Subscription has been undertaken by the Company to allow Mr. Sisto to increase his interest in the Company, which is otherwise difficult for Mr. Sisto to do, due to his primary residency and tax status in the United States of America. The Issue Price is equal to the closing mid-market price of the Company's Ordinary Shares on AIM on the business day prior to this announcement.
Albert Sisto's total beneficial interest following this transaction will be 10,616,666 Ordinary Shares, representing approximately 3.01% of the voting rights in the Company's enlarged share capital following the issue of the Subscription Shares. The FCA notification, made in accordance with the requirements of the UK Market Abuse Regulation, is appended below.
Application has been made for the 200,000 Subscription Shares to be admitted to trading on AIM ("Admission"), which is expected to take place on or around 30 August 2022. Once issued, the Subscription Shares will rank pari passu in all respects with the existing Ordinary Shares of the Company.
Total Voting Rights
Following Admission, the Company's issued ordinary share capital will consist of 352,214,701 Ordinary Shares, all of which carry one voting right per share. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of Ordinary Shares and voting rights in the Company will be 352,214,701. With effect from Admission, this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.
Enquiries
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Tern Plc Al Sisto (CEO) Sarah Payne (CFO) | via IFC Advisory |
Allenby Capital Limited (Nominated Adviser and Broker) David Worlidge / Alex Brearley (Corporate Finance) Matt Butlin / Kelly Gardiner (Sales and Corporate Broking) | Tel: 0203 328 5656 |
IFC Advisory (Financial PR and IR) Tim Metcalfe Graham Herring Florence Chandler | Tel: 0203 934 6630 tern@investor-focus.co.uk |
1. | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Albert Sisto | ||||
2. | Reason for the Notification | |||||
a) | Position/status | Director, Chief Executive Officer | ||||
b) | Initial notification/Amendment |
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3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Tern plc | ||||
b) | LEI | 2138005F87SODHL9CQ36 | ||||
4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the Financial instrument, type of instrument
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Identification code | ISIN: GB00BFPMV798
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b) | Nature of the transaction |
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c) | Price(s) and volume(s) |
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d) | Aggregated information: ·Aggregated volume ·Price |
200,000 £0.099 per share | ||||
e) | Date of the transaction | 23 August 2022 | ||||
f) | Place of the transaction | Outside a trading venue - conditional issue of new ordinary shares | ||||