Tern Plc Tern Plc : Issue Of Equity
October 07 2016 - 1:00AM
UK Regulatory
TIDMTERN
7 October 2016
Tern Plc
(AIM: TERN)
Oversubscribed placing to raise approximately GBP2,550,000 and
appointment of joint broker
Tern Plc ("Tern" or "the Company")), the company specialising in the
cloud and Internet of Things ("IoT") sectors, is pleased to announce
that it has raised approximately GBP2,550,000 before expenses, by way of
a placing of 36,428,557 new ordinary shares of 0.02p each at a price of
7p per ordinary share ("the Placing"). Additionally, subscribers in the
Placing receive a warrant to subscribe for 1 share for every 2 shares
purchased, at a price per warrants of 12p, exercisable at any time
before 12 April 2018. Following strong institutional demand the placing
was oversubscribed and it was necessary to scale back investors .
This announcement includes inside information as defined in Article 7 of
the Market Abuse Regulation No. 596/2014 and is disclosed in accordance
with the Company's obligations under Article 17 of those Regulations.
GBP2.0 million of the net proceeds of the Placing will be used by Tern
to make an additional investment in Device Authority Ltd, the secure
data and provisioning company. The balance will be used for working
capital.
Application has been made for the 36,428,557 new ordinary shares (the
"Placing Shares") to be admitted to AIM and it is expected that
admission will take place and trading in the new ordinary shares will
commence on 12 October 2016.
On completion of the Placing and following Admission of the Placing
Shares, the enlarged issued share capital of Tern will be 115,111,443
Ordinary Shares of 0.02p each. The Company does not hold any shares in
Treasury. The above figure may be used by shareholders 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.
The Company also announces the appointment of Whitman Howard Limited as
its joint broker with immediate effect.
Enquiries:
Tern plc
Angus Forrest / Al Sisto
Tel: 07973 561 232
Tel 07477 454558
WH Ireland NOMAD and Broker
Tel: 0117 945 3471
John Wakefield / Ed Allsopp
Peterhouse Corporate
http://www.investegate.co.uk/tern-plc--tern-/one/tern-plc---first-investment/20131125070020H5238/
Finance
(Joint broker)
Tel: 020 7469 0936
Lucy Williams / Duncan Vasey
Whitman Howard
(Joint broker)
Nick Lovering / Francis North
Tel 020 7659 1234
About Tern:
Tern Plc acquires and invests in privately owned companies with IP,
established products and customer bases. Its investment strategy is
focused on taking an active role in its investee companies in order to
improve the business model, accelerate growth, expand the business
globally, and identify exit opportunities.
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Tern Plc via Globenewswire
(END) Dow Jones Newswires
October 07, 2016 02:00 ET (06:00 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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