TIDMTERN
RNS Number : 3119D
Tern PLC
28 June 2021
THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR
DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR
INTO THE UNITED STATES OF AMERICA, AUSTRALIA, NEW ZEALAND, JAPAN,
CANADA, HONG KONG OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE
THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL OR WOULD REQUIRE
REGISTRATION OR ANY OTHER MEASURES. PLEASE SEE THE IMPORTANT
INFORMATION AT THE END OF THIS ANNOUNCEMENT.
28 June 2021
Tern Plc
("Tern" or the "Company")
Wyld Networks IPO Update
Tern Plc (AIM:TERN), the investment company specialising in the
Internet of Things ("IoT"), is pleased to provide an update on the
proposed IPO and admission to trading on the NASDAQ First North
Growth Market ("NASDAQ First North") in Stockholm of the newly
incorporated holding company of the Company's portfolio company,
Wyld Networks Limited, Wyld Networks AB (publ) (together "Wyld
Networks"), originally announced by Tern on 9 June 2021.
The subscription period for the issue of units by Wyld Networks
in connection with the admission to Nasdaq First North (the
"Offering") ended on 23 June 2021. There was a large interest in
the Offering and the Offering to the public in Sweden was heavily
oversubscribed. As a result of the significant interest shown, not
all subscribers have been allocated shares. The allotment of shares
in the Offering was decided in accordance with the principles set
out in the EU growth prospectus prepared by Wyld Networks, which
was approved by the Swedish Financial Supervisory Authority on 9
June 2021.
As previously announced, Wyld Networks will receive SEK 25
million (approximately GBP2.1 million) from the Offering, before
issue costs and the proceeds from any future warrant exercises.
This includes approximately GBP300,000 from Tern and further
amounts from certain of Tern's Directors (amounting to
approximately GBP55,000) and Wyld Networks' management. A maximum
of a further approximately SEK 69 million (approximately GBP5.8
million) could potentially be raised by Wyld Networks if all of the
warrants to be granted pursuant to the Offering (as described in
Tern's announcement of 9 June 2021) were to be exercised.
It is anticipated that the first day of trading of Wyld
Networks' shares on NASDAQ First North will be on 2 July 2021.
Following the Offering, Tern's holding in Wyld Networks will
reduce from 78.7% to 60.7% on the commencement of trading on NASDAQ
First North , which will be valued at approximately GBP4.7 million
on the basis of the Offering price.
Commenting Al Sisto, CEO of Tern, said :
"We are delighted that the Wyld Networks Offering in connection
with its IPO on NASDAQ First North has been such a success. We look
forward to Wyld Networks starting to trade on NASDAQ First North on
2 July 2021 and as their majority shareholder, Tern and our
shareholders will benefit from any future share price appreciation.
We believe that Wyld Networks has an exciting future ahead of it
and we look forward to reporting on their future developments,
together with our other portfolio companies in due course."
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
Important information
The release, announcement or distribution of this announcement
may, in certain jurisdictions, be subject to restrictions. The
recipients of this announcement in jurisdictions where this
announcement has been published or distributed shall inform
themselves of and follow such restrictions. The recipient of this
announcement is responsible for using this announcement, and the
information contained herein, in accordance with applicable rules
in each jurisdiction. This announcement does not constitute an
offer, or a solicitation of any offer, to buy or subscribe for any
securities in Wyld Networks in any jurisdiction, neither from Wyld
Networks nor from someone else.
This announcement does not identify or suggest, or purport to
identify or suggest, the risks (direct or indirect) that may be
associated with an investment in Wyld Networks.
This announcement does not constitute or form part of an offer
or solicitation to purchase or subscribe for securities in the
United States. The securities referred to herein may not be sold in
the United States absent registration or an exemption from
registration under the US Securities Act of 1933, as amended (the
"Securities Act"), and may not be offered or sold within the United
States absent registration or an applicable exemption from, or in a
transaction not subject to, the registration requirements of the
Securities Act. There is no intention to register any securities
referred to herein in the United States or to make a public
offering of the securities in the United States. The information in
this announcement may not be announced, published, copied,
reproduced or distributed, directly or indirectly, in whole or in
part, within or into the United States (including its territories
and provinces, every state of the united states and the District of
Columbia), Australia, New Zealand, Japan, Canada, Hong Kong or
South Africa or in any other jurisdiction where such announcement,
publication or distribution of the information would not comply
with applicable laws and regulations or where such actions are
subject to legal restrictions or would require additional
registration or other measures than what is required under Swedish
law. Actions taken in violation of this instruction may constitute
a crime against applicable securities laws and regulations.
This announcement is not a prospectus for the purposes of the
Prospectus Regulation and has not been approved by any regulatory
authority in any jurisdiction. A prospectus approved and registered
by the Swedish Financial Supervisory Authority in connection with
the Offering has been prepared and has been published by Wyld
Networks on Wyld Networks' website.
Forward-looking information
This announcement contains forward-looking statements that
reflect Wyld Networks' intentions, beliefs, or current expectations
about and targets for Wyld Networks' future results of operations,
financial condition, liquidity, performance, prospects, anticipated
growth, strategies and opportunities and the markets in which Wyld
Networks' operates. Forward-looking statements are statements that
are not historical facts and may be identified by words such as
"believe", "expect", "anticipate", "intend", "may", "plan",
"estimate", "will", "should", "could", "aim" or "might", or, in
each case, their negative, or similar expressions.
The forward-looking statements in this announcement are based
upon various assumptions, many of which are based, in turn, upon
further assumptions. Although Wyld Networks' believes that the
expectations reflected in these forward-looking statements are
reasonable, it can give no assurances that they will materialize or
prove to be correct. Because these statements are based on
assumptions or estimates and are subject to risks and
uncertainties, the actual results or outcome could differ
materially from those set out in the forward-looking statements as
a result of many factors. Such risks, uncertainties, contingencies
and other important factors could cause actual events to differ
materially from the expectations expressed or implied in this
announcement by such forward-looking statements. The information,
opinions and forward-looking statements that are expressly or
implicitly contained herein speak only as of its date and are
subject to change without notice.
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END
MSCDKFBQFBKKOAB
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