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Pin to quick picksTern Regulatory News (TERN)

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Subscription to raise £1.5 million

8 Dec 2022 07:00

RNS Number : 9830I
Tern PLC
08 December 2022
 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO, OR TO ANY PERSON LOCATED OR RESIDENT IN, ANY JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS ANNOUNCEMENT.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATIONS (EU) NO. 596/2014 WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR"). IN ADDITION, MARKET SOUNDINGS WERE TAKEN IN RESPECT OF THE MATTERS CONTAINED IN THIS ANNOUNCEMENT, WITH THE RESULT THAT CERTAIN PERSONS BECAME AWARE OF SUCH INSIDE INFORMATION. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS SHALL THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION.

8 December 2022

 

Tern Plc

("Tern" or the "Company")

 

Subscription to raise £1.5 million

 

Tern Plc (AIM:TERN), the company focused on value creation from Internet of Things ("IoT") technology businesses, announces that it has raised £1.5 million, before expenses, through a subscription for 15,000,000 new ordinary shares ("Ordinary Shares") of 0.02p each in the Company (the "Subscription Shares") at a price of 10 pence per new Ordinary Share (the "Issue Price"), conditional upon admission to AIM (the "Subscription").

 

The Subscription Shares will represent approximately 3.86 per cent. of the Company's issued share capital as enlarged by the Subscription. The Issue Price represents a discount of approximately 14.9 per cent. to the mid-market closing price on AIM of 11.75 pence per Ordinary Share on 7 December 2022, being the latest practicable business day prior to the publication of this announcement.

 

The Subscription has been undertaken with a single UK-based FCA regulated institutional investment fund management firm who have subscribed on the understanding that Tern will use part of the net proceeds to repay the outstanding £400,000 loan facility and retain the benefit of the Wyld Network's AB shares, currently subject to a call option, as detailed below. The subscriber has additionally agreed to work with the Company to assist in maximising shareholder value from Tern's existing investments.

 

The Directors intend that the net proceeds of the Subscription will be used to:

· provide Tern with a stronger negotiating position and with funding for follow-on investment opportunities in future syndicated fundraises performed by Tern's existing portfolio companies;

· to repay the £400,000 short term loan facility and applicable interest entered into by the Company in July 2022. On repayment of the loan it is intended that the facility provider's call option on 320,455 shares in Wyld Networks AB will be cancelled, enabling the Company to continue to benefit from this holding; and

· for general corporate purposes.

 

Admission and Total Voting Rights

 

Application will be made for the Subscription Shares to be admitted to AIM ("Admission") and it is expected that Admission will take place and trading in the Subscription Shares will commence on or about 15 December 2022.

 

In accordance with the Financial Conduct Authority's Disclosure, Guidance and Transparency Rules, the Company confirms that following Admission, the Company's enlarged issued ordinary share capital will comprise 388,571,510 Ordinary Shares. The Company does not hold any shares in Treasury. Therefore, from Admission, the total number of voting rights in the Company will be 388,571,510 and this figure may be used by shareholders in the Company as the denominator for the calculations to determine if they are required to notify their interest in, or a change to their interest in the Company, under the Disclosure Guidance and Transparency Rules.

 

Enquiries

 

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

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
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