Tern PLC Wyld Networks Third Party Funding
25 August 2021 - 4:01PM
RNS Non-Regulatory
TIDMTERN
Tern PLC
25 August 2021
REACH
25 August 2021
Tern Plc
("Tern" or the "Company")
Wyld Networks Third Party Funding
Tern Plc (AIM:TERN), the investment company specialising in the
Internet of Things ("IoT"), is pleased to note that its portfolio
company Wyld Networks AB ( " Wyld Networks") has announced that it
has secured further funding in the form of a loan from a third
party in order to accelerate its development. Tern currently holds
60.7% of Wyld Networks' issued share capital.
In light of Wyld Networks' strong recent performance, including
winning new contracts with significant customers, it has put in
place an accelerated operating plan and has entered into a loan
agreement for SEK 12 million (approximately GBP1 million) (the "
Loan") with Formue Nord Fokus A/S (the " Lender"). This financing
will bring forward the recruitment of additional sales and
development resources to assist with accelerating the
commercialisation of Wyld Networks' solutions in global
markets.
Alongside the loan, Wyld Networks will issue a 'TO3' series of
warrants (the "Warrants") to the Lender and free of charge to
existing Wyld Networks shareholders. Shareholders of Wyld Networks,
including Tern, will receive one Warrant for every seven shares
held. A total of 2,275,000 Warrants will be issued, of which
1,093,956 Warrants will be issued to the Lender and 1,181,044
Warrants will be issued to the current shareholders of Wyld,
including 717,275 Warrants to Tern. The issue of the Warrants is
intended, to some extent, to compensate the Wyld shareholders for
the dilution that the Warrants issued to the Lender entail.
Each Warrant entitles the owner to subscribe for one new share
in Wyld Networks at a price of 70 percent of the volume weighted
average price of Wyld Networks' shares on the Nasdaq First North
Premier Growth Market during the period from 2 May 2023 to 15 May
2023, with a maximum price of SEK 15.75 per share and a price not
less than the nominal value of Wyld Networks' shares.
Commenting Al Sisto, CEO of Tern, said :
"We are very pleased with how Wyld Networks is performing and
being quoted on a public market enables it to access funding
solutions to accelerate its future growth that would not be
available to a private company. This funding structure provides
Wyld Networks with access to capital without any significant
dilution to the Tern position."
Enquiries
Tern Plc via IFC Advisory
Al Sisto (CEO)
Sarah Payne (CFO)
Allenby Capital Limited Tel: 0203 328 5656
(Nominated Adviser and Broker)
David Worlidge / Alex Brearley (Corporate
Finance)
Matt Butlin / Kelly Gardiner (Sales
and Corporate Broking)
IFC Advisory Tel: 0203 934 6630
(Financial PR and IR) tern@investor-focus.co.uk
Tim Metcalfe
Graham Herring
Florence Chandler
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