Tern PLC Wyld Networks Warrant Exercise (1493G)
28 March 2022 - 05:00PM
UK Regulatory
TIDMTERN
RNS Number : 1493G
Tern PLC
28 March 2022
28 March 2022
Tern Plc
("Tern" or the "Company")
Wyld Networks Warrant Exercise
Tern Plc (AIM:TERN), the company focused on value creation from
Internet of Things ("IoT") technology businesses, is pleased to
announce that it has committed to exercise the 320,454 TO1 Warrants
in Wyld Networks AB ( " Wyld Networks") which represents all of the
TO1 Warrants that were issued to Tern pursuant to its investment as
part of Wyld Networks' Offering in conjunction with Wyld Networks'
IPO and admission to trading on the NASDAQ First North Growth
Market in Stockholm on 2 July 2021.
Tern will pay SEK 3,605,108 (approximately GBP290,000) to
exercise its TO1 Warrants to subscribe for 320,454 shares in Wyld
Networks at SEK 11.25 per share, and this will be funded from
Tern's existing cash resources.
Prior to the completion of the TO1 Warrant exercises Tern held
58.7% of Wyld Networks' issued share capital. The subscription
period for the in aggregate, 2,275,000 TO1 Warrants commenced on 22
March 2022 and will end on 4 April 2022. If all of the TO1 Warrants
are exercised Tern's holding in Wyld Networks will reduce to 49.1%
and a further announcement regarding Tern's resultant holding in
Wyld Networks will be made when the exercise period for the TO1
Warrants is completed.
Wyld Networks is a virtual satellite network operator that
develops and delivers innovative wireless technology solutions that
enable affordable connectivity for IoT devices and sensors anywhere
in the world - especially for the 85% of the world's surface where
there are no cellular networks. For the year ended 31 December
2020, Wyld Networks' audited loss for the year was SEK 9,536,000
(2019: loss of SEK 6,602,000) on net sales of SEK 2,475,000 (2019:
SEK 1,559,000) and its audited total assets as at 31 March 2020
were SEK 5,752,000 (31 December 2019: SEK 5,636,000).
Capitalised terms not otherwise defined herein have the same
meaning as in the Company's announcement "Proposed IPO of Wyld
Networks" made on 9 June 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
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END
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