Tern PLC Result of Fundraise (1430F)
14 July 2021 - 04:00PM
UK Regulatory
TIDMTERN
RNS Number : 1430F
Tern PLC
14 July 2021
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 GBP1.99 million at the Issue Price of 18.8 pence per share.
In aggregate, the Subscription and the Retail Offer have raised
gross proceeds of GBP 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.
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
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.
END
ROIGPUMUMUPGPGW
(END) Dow Jones Newswires
July 14, 2021 02:00 ET (06:00 GMT)
Tern (LSE:TERN)
Historical Stock Chart
From Feb 2024 to Mar 2024
Tern (LSE:TERN)
Historical Stock Chart
From Mar 2023 to Mar 2024