TIDMTERN
RNS Number : 9306B
Tern PLC
05 October 2022
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO, OR TO
ANY PERSON LOCATED OR RESIDENT IN, ANY JURISDICTION WHERE IT IS
UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS ANNOUNCEMENT.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATIONS (EU) NO. 596/2014
WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018 ("UK 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.
5 October 2022
Tern Plc
("Tern" or the "Company")
Equity Fundraise of up to approximately GBP2 million,
comprising a Subscription to raise GBP1.3 million
and
a Retail Offer via the PrimaryBid Platform
Tern Plc (AIM:TERN), the company focused on value creation from
Internet of Things ("IoT") technology businesses, announces that it
has raised GBP 1.3 million, before expenses through a subscription
of 17,333,332 new ordinary shares ("Ordinary Shares") of 0.02p each
in the Company (the "Subscription Shares") at a price of 7.5 pence
per new Ordinary Share (the "Issue Price"), conditional upon
admission to AIM (the "Subscription"). The Issue Price represents a
discount of 14.29 per cent. to the closing mid-market price of an
Ordinary Share on 4 October 2022, being the latest practicable
business date prior to this announcement.
In addition to the Subscription, there will be an offer to
retail and other investors via PrimaryBid Limited ("PrimaryBid") at
the Issue Price (the "Retail Offer", and together with the
Subscription, the "Fundraise"), to provide certain existing retail
shareholders in the Company and other retail investors with an
opportunity to participate in the Fundraise. A separate
announcement will be made shortly by the Company regarding the
Retail Offer and its terms. Those investors who subscribe for new
Ordinary Shares pursuant to the Retail Offer (the "Retail Shares")
will do so pursuant to the terms and conditions of the Retail Offer
contained in that announcement.
The Directors intend that the net proceeds of the Fundraise will
be used to provide Tern with a stronger negotiating position and
funding for follow-on investment opportunities in the event that
any of Tern's portfolio companies conduct a syndicated fundraise
and for general corporate purposes.
The new Ordinary Shares to be issued under the Fundraise will be
allotted by the Company pursuant to the existing authorities
granted by shareholder approval to allot Ordinary Shares for cash
on a non-pre-emptive basis by way of a special resolution passed at
the Company's Annual General Meeting on 27 April 2022. Neither of
the Subscription nor the Retail Offer is underwritten.
The Subscription Shares and any Retail Shares, when issued, will
be fully paid and will rank pari passu in all respects with each
other and with the existing Ordinary Shares, including, without
limitation, as regards the right to receive all dividends and other
distributions declared, made or paid after the date of issue.
Application will be made for the Subscription Shares and any
Retail Shares to be admitted to AIM ("Admission") and it is
expected that Admission will take place and trading in the
Subscription Shares and any Retail Shares will commence on or about
12 October 2022.
The Subscription is conditional upon the Admission of the
Subscription Shares becoming effective not later than 8.00 a.m. on
12 October 2022, or such later time and/or date as the Company may
agree (being not later than 8.00 a.m. on 26 October 2022).
A further announcement will be made following completion of the
Retail Offer detailing the total amount raised by the Company
through the Fundraise.
Allenby Capital Limited is acting as Nominated Adviser and sole
Broker to the Company in relation to the Subscription.
Directors' participation in the Subscription
Ian Ritchie, Al Sisto, Bruce Leith, Sarah Payne, Matthew Scherba
and certain of Matthew's family members have subscribed for a total
of 379,998 Subscription Shares at the Issue Price in the
Subscription (the "Directors' Participation"). Details of the
Directors' Participation are outlined in the table below.
Director Position Subscription Shares Shareholding following
being subscribed Admission
for
Ian Ritchie Chairman 66,666 Ordinary 1,636,999 Ordinary
Shares Shares
---------------- -------------------- -----------------------
Al Sisto Chief Executive 100,000 Ordinary 10,716,000 Ordinary
Officer Shares Shares
---------------- -------------------- -----------------------
Bruce Leith Executive 66,666 Ordinary 8,923,899 Ordinary
Director Shares Shares
---------------- -------------------- -----------------------
Sarah Payne Chief Financial 66,666 Ordinary 166,666 Ordinary
Officer Shares Shares
---------------- -------------------- -----------------------
Matthew Scherba Executive 80,000 Ordinary 796,666 Ordinary
and family Director Shares Shares
members
---------------- -------------------- -----------------------
The FCA notifications, made in accordance with the requirements
of UK MAR, are appended further below.
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
Notice to Distributors
Solely for the purposes of the temporary product intervention
rules made under sections S137D and 138M of the FSMA and the FCA
Product Intervention and Product Governance Sourcebook (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, 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, as defined under the FCA Conduct of
Business Sourcebook COBS 3 Client categorisation, and are eligible
for distribution through all distribution channels as are permitted
by the FCA Product Intervention and Product Governance Sourcebook
(the "Target Market Assessment").
Notwithstanding the Target Market Assessment, distributors
should note that: the price of the Subscription Shares may decline
and investors could lose all or part of their investment; the
Subscription offers no guaranteed income and no capital protection;
and an investment in the Subscription 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, Allenby Capital Limited will only
procure investors who meet the criteria of professional clients and
eligible counterparties. For the avoidance of doubt, the Target
Market Assessment does not constitute: (a) an assessment of
suitability or appropriateness for the purposes of the FCA Conduct
of Business Sourcebook COBS 9A and 10A respectively; 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
the Subscription Shares.
Each distributor is responsible for undertaking its own target
market assessment in respect of the Subscription Shares and
determining appropriate distribution channels.
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them
1. Details of the person discharging managerial responsibilities/person
closely associated
(a) Full name of person Dealing Ian Ritchie
----------------------------------------- -----------------------------------------
2. Reason for notification
------------------------------------------------------------------------------------
(b) Position/status Chairman
----------------------------------------- -----------------------------------------
(c) Initial notification/ Amendment Initial notification
----------------------------------------- -----------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------------
(d) Name of entity Tern plc
----------------------------------------- -----------------------------------------
(e) LEI 2138005F87SODHL9CQ36
----------------------------------------- -----------------------------------------
4. Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
------------------------------------------------------------------------------------
(a) Description of the financial instrument, Ordinary shares of
type of instrument 0.02 pence each in
the Company
----------------------------------------- -----------------------------------------
(b) Identification code GB00BFPMV798
----------------------------------------- -----------------------------------------
(c) Nature of the transaction Subscription of new
ordinary shares
----------------------------------------- -----------------------------------------
(d) Price(s) and volume(s) Prices(s) Volume(s)
7.5 pence 66,666
----------
----------------------------------------- -----------------------------------------
(e) Aggregated information: Single transaction
- Aggregated volume as in 4(d) above Prices(s) Volume(s)
- Price 7.5 pence 66,666
----------
----------------------------------------- -----------------------------------------
(f) Date of transaction 5 October 2022
----------------------------------------- -----------------------------------------
(g) Place of transaction Outside a trading venue
----------------------------------------- -----------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
(a) Full name of person Dealing Al Sisto
----------------------------------------- -----------------------------------------
2. Reason for notification
------------------------------------------------------------------------------------
(b) Position/status Chief Executive Officer
----------------------------------------- -----------------------------------------
(c) Initial notification/ Amendment Initial notification
----------------------------------------- -----------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------------
(d) Name of entity Tern plc
----------------------------------------- -----------------------------------------
(e) LEI 2138005F87SODHL9CQ36
----------------------------------------- -----------------------------------------
4. Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
------------------------------------------------------------------------------------
(a) Description of the financial instrument, Ordinary shares of
type of instrument 0.02 pence each in
the Company
----------------------------------------- -----------------------------------------
(b) Identification code GB00BFPMV798
----------------------------------------- -----------------------------------------
(c) Nature of the transaction Subscription of new
ordinary shares
----------------------------------------- -----------------------------------------
(d) Price(s) and volume(s) Prices(s) Volume(s)
7.5 pence 100,000
----------
----------------------------------------- -----------------------------------------
(e) Aggregated information: Single transaction
- Aggregated volume as in 4(d) above Prices(s) Volume(s)
- Price 7.5 pence 100,000
----------
----------------------------------------- -----------------------------------------
(f) Date of transaction 5 October 2022
----------------------------------------- -----------------------------------------
(g) Place of transaction Outside a trading venue
----------------------------------------- -----------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
(a) Full name of person Dealing Bruce Leith
----------------------------------------- -----------------------------------------
2. Reason for notification
------------------------------------------------------------------------------------
(b) Position/status Executive Director
----------------------------------------- -----------------------------------------
(c) Initial notification/ Amendment Initial notification
----------------------------------------- -----------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------------
(d) Name of entity Tern plc
----------------------------------------- -----------------------------------------
(e) LEI 2138005F87SODHL9CQ36
----------------------------------------- -----------------------------------------
4. Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
------------------------------------------------------------------------------------
(a) Description of the financial instrument, Ordinary shares of
type of instrument 0.02 pence each in
the Company
----------------------------------------- -----------------------------------------
(b) Identification code GB00BFPMV798
----------------------------------------- -----------------------------------------
(c) Nature of the transaction Subscription of new
ordinary shares
----------------------------------------- -----------------------------------------
(d) Price(s) and volume(s) Prices(s) Volume(s)
7.5 pence 66,666
----------
----------------------------------------- -----------------------------------------
(e) Aggregated information: Single transaction
- Aggregated volume as in 4(d) above Prices(s) Volume(s)
- Price 7.5 pence 66,666
----------
----------------------------------------- -----------------------------------------
(f) Date of transaction 5 October 2022
----------------------------------------- -----------------------------------------
(g) Place of transaction Outside a trading venue
----------------------------------------- -----------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
(a) Full name of person Dealing Sarah Payne
----------------------------------------- -----------------------------------------
2. Reason for notification
------------------------------------------------------------------------------------
(b) Position/status Chief Financial Officer
----------------------------------------- -----------------------------------------
(c) Initial notification/ Amendment Initial notification
----------------------------------------- -----------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------------
(d) Name of entity Tern plc
----------------------------------------- -----------------------------------------
(e) LEI 2138005F87SODHL9CQ36
----------------------------------------- -----------------------------------------
4. Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
------------------------------------------------------------------------------------
(a) Description of the financial instrument, Ordinary shares of
type of instrument 0.02 pence each in
the Company
----------------------------------------- -----------------------------------------
(b) Identification code GB00BFPMV798
----------------------------------------- -----------------------------------------
(c) Nature of the transaction Subscription of new
ordinary shares
----------------------------------------- -----------------------------------------
(d) Price(s) and volume(s) Prices(s) Volume(s)
7.5 pence 66,666
----------
----------------------------------------- -----------------------------------------
(e) Aggregated information: Single transaction
- Aggregated volume as in 4(d) above Prices(s) Volume(s)
- Price 7.5 pence 66,666
----------
----------------------------------------- -----------------------------------------
(f) Date of transaction 5 October 2022
----------------------------------------- -----------------------------------------
(g) Place of transaction Outside a trading venue
----------------------------------------- -----------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
(a) Full name of person Dealing Matthew Scherba
----------------------------------------- -----------------------------------------
2. Reason for notification
------------------------------------------------------------------------------------
(b) Position/status Executive Director
----------------------------------------- -----------------------------------------
(c) Initial notification/ Amendment Initial notification
----------------------------------------- -----------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------------
(d) Name of entity Tern plc
----------------------------------------- -----------------------------------------
(e) LEI 2138005F87SODHL9CQ36
----------------------------------------- -----------------------------------------
4. Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
------------------------------------------------------------------------------------
(a) Description of the financial instrument, Ordinary shares of
type of instrument 0.02 pence each in
the Company
----------------------------------------- -----------------------------------------
(b) Identification code GB00BFPMV798
----------------------------------------- -----------------------------------------
(c) Nature of the transaction Subscription of new
ordinary shares
----------------------------------------- -----------------------------------------
(d) Price(s) and volume(s) Prices(s) Volume(s)
7.5 pence 26,666
----------
----------------------------------------- -----------------------------------------
(e) Aggregated information: Single transaction
- Aggregated volume as in 4(d) above Prices(s) Volume(s)
- Price 7.5 pence 26,666
----------
----------------------------------------- -----------------------------------------
(f) Date of transaction 5 October 2022
----------------------------------------- -----------------------------------------
(g) Place of transaction Outside a trading venue
----------------------------------------- -----------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
(a) Full name of person Dealing L Scherba
----------------------------------------- -----------------------------------------
2. Reason for notification
------------------------------------------------------------------------------------
(b) Position/status L Scherba is a person
closely associated
with Investment Director,
Matthew Scherba, who
is a person discharging
managerial responsibilities
----------------------------------------- -----------------------------------------
(c) Initial notification/ Amendment Initial notification
----------------------------------------- -----------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------------
(d) Name of entity Tern plc
----------------------------------------- -----------------------------------------
(e) LEI 2138005F87SODHL9CQ36
----------------------------------------- -----------------------------------------
4. Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
------------------------------------------------------------------------------------
(a) Description of the financial instrument, Ordinary shares of
type of instrument 0.02 pence each in
the Company
----------------------------------------- -----------------------------------------
(b) Identification code GB00BFPMV798
----------------------------------------- -----------------------------------------
(c) Nature of the transaction Subscription of new
ordinary shares
----------------------------------------- -----------------------------------------
(d) Price(s) and volume(s) Prices(s) Volume(s)
7.5 pence 26,667
----------
----------------------------------------- -----------------------------------------
(e) Aggregated information: Single transaction
- Aggregated volume as in 4(d) above Prices(s) Volume(s)
- Price 7.5 pence 26,667
----------
----------------------------------------- -----------------------------------------
(f) Date of transaction 5 October 2022
----------------------------------------- -----------------------------------------
(g) Place of transaction Outside a trading venue
----------------------------------------- -----------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
(a) Full name of person Dealing S Scherba
----------------------------------------- -----------------------------------------
2. Reason for notification
------------------------------------------------------------------------------------
(b) Position/status S Scherba is a person
closely associated
with Investment Director,
Matthew Scherba, who
is a person discharging
managerial responsibilities
----------------------------------------- -----------------------------------------
(c) Initial notification/ Amendment Initial notification
----------------------------------------- -----------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------------
(d) Name of entity Tern plc
----------------------------------------- -----------------------------------------
(e) LEI 2138005F87SODHL9CQ36
----------------------------------------- -----------------------------------------
4. Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
------------------------------------------------------------------------------------
(a) Description of the financial instrument, Ordinary shares of
type of instrument 0.02 pence each in
the Company
----------------------------------------- -----------------------------------------
(b) Identification code GB00BFPMV798
----------------------------------------- -----------------------------------------
(c) Nature of the transaction Subscription of new
ordinary shares
----------------------------------------- -----------------------------------------
(d) Price(s) and volume(s) Prices(s) Volume(s)
7.5 pence 26,667
----------
----------------------------------------- -----------------------------------------
(e) Aggregated information: Single transaction
- Aggregated volume as in 4(d) above Prices(s) Volume(s)
- Price 7.5 pence 26,667
----------
----------------------------------------- -----------------------------------------
(f) Date of transaction 5 October 2022
----------------------------------------- -----------------------------------------
(g) Place of transaction Outside a trading venue
----------------------------------------- -----------------------------------------
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END
IOEFLFVEIILEIIF
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October 05, 2022 11:36 ET (15:36 GMT)
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