TERN Tern Plc

TIDMTERN

RNS Number : 5951A

Tern PLC

02 June 2021

2 June 2021

Tern Plc

("Tern" or the "Company")

Result of General Meeting

Tern Plc (AIM:TERN), the investment company specialising in the Internet of Things ("IoT"), announces that at the Company's General Meeting ("GM") held earlier today all resolutions were voted on by a poll and were passed.

The total number of Ordinary Shares of the Company in issue, each with one voting right, is 330,338,101 and the votes cast in respect of the resolutions were as follows:

 
        Resolution                   For                 Against           Total        Votes     % of share 
                                                                            votes      withheld     capital 
                                                                            cast                    voting 
                             Total        %        Total        % 
                              votes                 votes 
                            -----------           -----------  -------  -----------  ----------  ----------- 
 Ordinary Resolution 
  1. To permit 
  the Directors 
  to issue up to 
  50 million new 
  Ordinary Shares            69,995,911   77.75%   20,026,919   22.25%   90,022,910   66,946      27.25% 
                            -----------  -------  -----------  -------  -----------  ----------  ----------- 
 Special Resolution 
  2. To permit 
  the Directors 
  to disapply pre-emption 
  rights in any 
  issue of up to 
  50 million new 
  Ordinary Shares            69,749,746   77.51%   20,233,378   22.49%   89,983,124   106,732     27.24% 
                            -----------  -------  -----------  -------  -----------  ----------  ----------- 
 

Commenting Al Sisto, CEO of Tern, said :

"We are pleased that the requisite majority of shareholders have supported the revised share allotment authority proposals. As outlined in the circular convening the GM, the directors believe these authorities are vital to enable the value of Tern's portfolio companies to be protected and enhanced, enabling us to maximise shareholder value.

"The authorities provide the Company with the flexibility to support its portfolio companies as necessary and give the Company negotiating leverage, if required, when dealing with potential third-party investors in discussions about the portfolio companies. This is particularly important given the anticipated development pathways of many of the portfolio companies.

"We are also very pleased with the increase in shareholder engagement following the AGM and more than twice as many votes were cast at the GM than at the recent AGM. We have also welcomed the significant amount of feedback received from our shareholders, whether in favour of the resolutions or not, and this will help guide our strategy going forward. We are conscious that we have shareholders who do not wish to see any dilution of their holding and I would like to reassure all shareholders that the Company will not look to issue any further equity without having an appropriate use for the funds that is focussed on maximising shareholder value.

"I would like to reiterate my thanks to all those shareholders who have expressed their views and voted at the GM, and we welcome continued shareholder dialogue. These are exciting times for all Tern's portfolio companies and I look forward to reporting on their progress in the coming weeks and months."

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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June 02, 2021 06:23 ET (10:23 GMT)

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