Tern PLC Result of Fundraise (9516B)
October 06 2022 - 02:00AM
UK Regulatory
TIDMTERN
RNS Number : 9516B
Tern PLC
06 October 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF EU REGULATION 596/2014 WHICH FORMS PART OF DOMESTIC
UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK
MAR") . UPON THE PUBLICATION OF THIS ANNOUNCEMENT THIS INSIDE
INFORMATION IS NOW CONSIDERED TO BE WITHIN THE PUBLIC DOMAIN.
6 October 2022
Tern Plc
(" Tern " or the " Company " )
Result of Fundraise
Tern Plc ( AIM : TERN ), the company focused on value creation
from Internet of Things ("IoT") technology businesses is pleased to
confirm, further to the announcements made yesterday, 5 October
2022 , the completion of its Fundraise at the Issue Price of 7.5
pence per share.
The Company is pleased to announce that the Retail Offer via
PrimaryBid closed at 8 p.m. on 5 October 2022 . From the Retail
Offer, the Company has raised gross proceeds of approximately GBP
0.3 million at the Issue Price of 7.5 pence per share.
In total, the Subscription and the Retail Offer have raised
gross proceeds of GBP 1.6 million for the Company, via the
subscription of 17,333,332 Subscription Shares to be issued
pursuant to the Subscription and 4,023,477 Retail Shares to be
issued pursuant to the Retail Offer.
The issue of a total of 21,356,809 new Ordinary Shares pursuant
to the Fundraise is conditional upon the admission of the
Subscription Shares and the Retail Shares to trading on AIM 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 ).
The Subscription Shares and the Retail Shares will, when issued,
be credited as fully paid and will rank pari passu in all respects
with the existing Ordinary Shares of the Company, including the
right to receive all dividends or other distributions made, paid or
declared in respect of such shares after the date of issue of the
Subscription Shares and the Retail Shares.
Allenby Capital Limited acted as Nominated Adviser and sole
Broker to the Company in relation to the Subscription. The Retail
Offer was managed by PrimaryBid.
Al Sisto, CEO of Tern, commenting on the Fundraise said:
" We are very pleased with the support that we have received for
the Fundraise, both from existing and new shareholders. If we are
to protect and maximise shareholder value it is vitally important
that we have as strong a negotiating position as possible when
competing with often much larger private equity providers who wish
to now secure a position in our companies at the maximum economic
advantage to themselves and to the detriment of Tern and its
shareholders. The net proceeds of the Fundraise includes capital
that we can deploy to provide further funding for Tern's portfolio
companies in their future syndicated fundraises, both protecting
Tern's position and providing them with the growth capital they
require. We remain committed to our stated strategy of seeking to
extract maximum shareholder value from our existing portfolio of
exciting IoT companies as rapidly as those companies' development
paths allow. Whilst it does take time and significant capital to
create world class IoT technology businesses, I believe that we
have already demonstrated significant value creation with our
companies and all have very bright and exciting futures. "
Admission and Dealings
Application will be made to the London Stock Exchange for the
Subscription Shares and the Retail Shares to be admitted to trading
on AIM ("Admission"). It is expected that Admission will occur and
dealings will commence in the Subscription Shares and the Retail
Shares at 8.00 a.m. on or around 12 October 2022 .
Total Voting Rights
Following Admission, the Company's issued and fully paid share
capital will consist of 373,571,510 Ordinary Shares, all of which
carry one voting right per share. The Company does not hold any
Ordinary Shares in treasury. Therefore, the total number of
Ordinary Shares and voting rights in the Company will be
373,571,510 . With effect from Admission, this figure may be used
by shareholders as the denominator for the calculations by which
they will determine if they are required to notify their interest
in, or a change to their interest in, the Company under the FCA's
Disclosure Guidance and Transparency Rules.
Capitalised terms used in this announcement shall, unless
defined in this announcement or unless the context provides
otherwise, bear the same meaning ascribed to such terms in the
announcement made by the Company at 4.36 p.m. on 5 October 2022
.
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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