Tern Regulatory News (TERN)

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014 WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE WITHIN THE PUBLIC DOMAIN.

14 July 2021

Tern Plc

("Tern" or the "Company")

Result of Fundraise

Tern Plc (AIM:TERN), the investment company specialising in the Internet of Things ("IoT"), is pleased to confirm, further to the announcements made yesterday, 13 July 2021, the completion of its Fundraise at the Issue Price of 18.8 pence per share.

The Company is pleased to announce that the Retail Offer via PrimaryBid successfully completed and closed at 7:05 p.m. on 13 July 2021. The Retail Offer was oversubscribed. From the Retail Offer, the Company has raised gross proceeds of approximately £1.99 million at the Issue Price of 18.8 pence per share.

In aggregate, the Subscription and the Retail Offer have raised gross proceeds of £4 million for the Company, via the subscription of 10,710,400 Subscription Shares to be issued pursuant to the Subscription and 10,566,200 Retail Shares to be issued pursuant to the Retail Offer.

The issue of a total of 21,276,600 new Ordinary Shares pursuant to the Fundraise is conditional upon the admission of the Subscription Shares and the Retail Shares to trading on AIM on 26 July 2021, or such later time and/or date as the Company may agree (being not later than 8.00 a.m. on 4 August 2021).

The Subscription Shares and the Retail Shares will, when issued, be credited as fully paid and will rank pari passu in all respects with the existing Ordinary Shares of the Company, including the right to receive all dividends or other distributions made, paid or declared in respect of such shares after the date of issue of the Subscription Shares and the Retail Shares.

Allenby Capital Limited acted as Nominated Adviser and sole Broker to the Company in relation to the Subscription. The Retail Offer was managed by PrimaryBid.

Admission and Dealings

Application will be made to the London Stock Exchange for the Subscription Shares and the Retail Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will occur and dealings will commence in the Subscription Shares and the Retail Shares at 8.00 a.m. on or around 26 July 2021.

Total Voting Rights

Following Admission, the Company's issued and fully paid share capital will consist of 351,614,701 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 351,614,701. 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.

Al Sisto, CEO of Tern, commented on the Fundraise: 

"We are very pleased with the support we have received from both existing and new shareholders for the Fundraise. As outlined in the announcement of the Fundraise yesterday, we intend to utilise the proceeds to maximise the value to our shareholders of our portfolio and I look forward to providing further updates in due course." 

Capitalised terms used in this announcement shall, unless defined in this announcement or unless the context provides otherwise, bear the same meaning ascribed to such terms in the announcement made by the Company at 5:05 p.m. on 13 July 2021.

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