Tern Regulatory News (TERN)

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014. UPON THE PUBLICATION OF THIS ANNOUNCEMENT THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE WITHIN THE PUBLIC DOMAIN.

13 November 2020

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, 12 November 2020, the completion of its Fundraise at the Issue Price of 7.5 pence per share.

The Company is pleased to announce that the Retail Offer successfully completed and closed at 6.00 p.m. on 12 November 2020. The Retail Offer was oversubscribed. From the Retail Offer, the Company has raised gross proceeds of £500,000 at 7.5 pence per share.

In aggregate, the Subscription and the Retail Offer via PrimaryBid have raised gross proceeds of £2.2 million for the Company, via the subscription of 22,672,000 Subscription Shares pursuant to the Subscription and 6,666,667 Retail Shares to be issued pursuant to the Retail Offer.

The issue of a total of 29,338,667 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 27 November 2020, or such later time and/or date as the Company may agree (being not later than 8.00 a.m. on 4 December 2020).

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 27 November 2020.

Total Voting Rights

Following Admission, the Company's issued and fully paid share capital will consist of 330,338,101 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 330,338,101. 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 delighted with the investor support that we have received for the Fundraise and we welcome a number of new shareholders to Tern. We are particularly pleased with the response to the Retail Offer through PrimaryBid and the ease with which this platform allowed us to reach both existing and new retail shareholders.

"We are conscious of shareholder expectations regarding the use of the funds raised. We look forward to deploying them to both add value for our shareholders through further appropriate investment in our existing portfolio companies and any value enhancing opportunities to invest in new companies as they arise. We look forward to providing further updates on the progress of the Company and its portfolio companies 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 4.35 p.m. on 12 November 2020.

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