Tern PLC: Equity Fundraise of c. GBP1.5m

Date : 04/03/2019 @ 7:02AM
Source : UK Regulatory (RNS & others)
Stock : Tern Plc (TERN)
Quote : 11.75  -0.1 (-0.84%) @ 12:29PM
Tern share price Chart

Tern PLC: Equity Fundraise of c. GBP1.5m

Dow Jones received a payment from EQS/DGAP to publish this press release.

 
 
 Tern PLC (TERN) 
Tern PLC: Equity Fundraise of c. GBP1.5m 
 
03-Apr-2019 / 07:00 GMT/BST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
 THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 
     OF THE MARKET ABUSE REGULATIONS (EU) NO. 596/2014 ("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. 
 
3 April 2019 
 
        Tern Plc ("Tern" or the "Company") 
 
       Equity Fundraise of c. GBP1.5m 
 
 Tern Plc (AIM:TERN), the investment company specialising in the Internet of 
     Things ("IoT"), announces that it has raised approximately GBP1.5 million 
 before expenses through a subscription of 17,647,058 new ordinary shares of 
      0.02p each (the "Subscription Shares") at a price of 8.5 pence per new 
     ordinary share (the "Subscription"), conditional upon admission to AIM. 
 
     The funds raised will provide Tern with additional finance and a strong 
  negotiating position as it focuses on implementing its strategy to acquire 
 and maintain long term, influential interests in high growth IoT innovators 
  until a suitable exit has been secured. This approach delivered robust NAV 
                growth in the 12 months to 31 December 2018. 
 
Al Sisto, CEO of Tern, commented on the Subscription: "Tern is an investment 
        company which is focused on capitalising on the rapid growth of IoT, 
  particularly in the healthcare and industrials arenas. This fundraise will 
enable us to continue with our strategy, which delivered solid NAV growth in 
         2018, of holding long term influential interests in high growth IoT 
  innovators. In particular, we were pleased to note recent contract wins by 
        Fundamental VR and InVMA. We now have six portfolio companies in our 
portfolio at various stages of our value creation model and this new capital 
 will allow us to maintain our position of influence as we syndicate further 
      investment in our later stage companies and to invest in exciting high 
  growth new opportunities, all with the goal of adding to our long-term NAV 
   growth. We look forward to announcing how we have invested these funds in 
                due course." 
 
       Application will be made for the 17,647,058 Subscription Shares to be 
       admitted to AIM and it is expected that admission will take place and 
           trading in the Subscription Shares will commence on 9 April 2019. 
 
   In accordance with the Financial Conduct Authority's Disclosure, Guidance 
      and Transparency Rules, the Company confirms that on completion of the 
  Subscription and following admission of the Subscription Shares to trading 
  on AIM, the Company's enlarged issued ordinary share capital will comprise 
    254,323,945 ordinary shares of 0.02p each. The Company does not hold any 
      shares in Treasury. Therefore the total number of voting rights in the 
   Company will be 254,323,945. Following the completion of the Subscription 
and admission of the Subscription Shares to trading on AIM, the above 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. 
 
                Information for Distributors 
 
    Solely for the purposes of the product governance requirements contained 
 within: (a) EU Directive 2014/65/EU on markets in financial instruments, as 
         amended ("MiFID II"); (b) Articles 9 and 10 of Commission Delegated 
  Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing 
 measures (together, the "Product Governance Requirements"), and disclaiming 
all and any liability, whether arising in tort, contract or otherwise, which 
any "manufacturer" (for the purposes of the Product Governance Requirements) 
  may otherwise have with respect thereto, the Subscription Shares have been 
 subject to a product approval process by Allenby Capital Limited, which has 
     determined that the Subscription Shares are: (i) compatible with an end 
    target market of retail investors and investors who meet the criteria of 
  professional clients and eligible counterparties, each as defined in MiFID 
 II; and (ii) eligible for distribution through all distribution channels as 
 are permitted by MiFID II (the "Target Market Assessment"). Notwithstanding 
  the Target Market Assessment, investors should note that: the price of the 
     Subscription Shares may decline and investors could lose all or part of 
     their investment; Subscription Shares offer no guaranteed income and no 
  capital protection; and an investment in Subscription Shares is compatible 
          only with investors who do not need a guaranteed income or capital 
         protection, who (either alone or in conjunction with an appropriate 
  financial or other adviser) are capable of evaluating the merits and risks 
  of such an investment and who have sufficient resources to be able to bear 
       any losses that may result therefrom. The Target Market Assessment is 
          without prejudice to the requirements of any contractual, legal or 
            regulatory selling restrictions in relation to the Subscription. 
Furthermore, it is noted that, notwithstanding the Target Market Assessment, 
        only investors who have met the criteria of professional clients and 
 eligible counterparties have been procured. For the avoidance of doubt, the 
          Target Market Assessment does not constitute: (a) an assessment of 
       suitability or appropriateness for the purposes of MiFID II; or (b) a 
       recommendation to any investor or group of investors to invest in, or 
  purchase, or take any other action whatsoever with respect to Subscription 
                Shares. 
 
        *END* 
 
                Enquiries 
 
Tern plc                          Via Newgate Communications 
 
Al Sisto, CEO 
 
Sarah Payne, Finance Director 
 
                                  Tel: 0203 328 5656 
 
Allenby Capital Limited 
 
(Nomad and Joint broker) 
 
David Worlidge/Alex Brearley 
 
                                  Tel: 020 7659 1234 
 
Whitman Howard 
 
(Joint broker) 
 
Nick Lovering/Christopher Furness 
 
Newgate Communications            Tel: 020 3757 6880 
 
PR 
 
Elisabeth Cowell/Fiona Norman 
 
ISIN:          GB00BFPMV798 
Category Code: MSCH 
TIDM:          TERN 
LEI Code:      2138005F87SODHL9CQ36 
Sequence No.:  8052 
EQS News ID:   795119 
 
End of Announcement EQS News Service 
 
 

(END) Dow Jones Newswires

April 03, 2019 02:02 ET (06:02 GMT)

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