Tern Plc Statement Re Fundraising Of Gbp0.6 Million And Notice Of Interim Results
August 14 2017 - 1:00AM
UK Regulatory
TIDMTERN
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO
CONSTITUTE INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE
MARKET ABUSE REGULATION (EU) NO. 596/2014. UPON THE PUBLICATION OF THIS
ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE
PUBLIC DOMAIN.
NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN
WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN,
THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH
PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE PROHIBITED BY ANY
APPLICABLE LAW.
Tern plc
("Tern" or the "Company")
Fundraising of GBP0.6 million
Notice of interim results
Tern plc (AIM:TERN), the investment company focused on the Internet of
Things (IoT), announced on 11 August the launch of a fundraising
comprising a company subscription organised by Whitman Howard with an
offer via PrimaryBid (the "Offer"), (together the "Fundraising") to
raise approximately GBP300,000 (before expenses) at an issue price of
6.6 pence per New Ordinary Share.
The Company is pleased to announce that it has successfully completed
the Fundraising. The Fundraising received a positive response from
investors, and was oversubscribed. The Offer was on a "first come,
first served" basis and was closed early at 12pm on 13 August 2017, with
the Fundraising having already been approximately 100% oversubscribed by
that time. The Company has therefore decided to increase the size of
the Fundraising in order to meet this demand. The Company will
therefore issue and allot a total of 9,138,027 new ordinary shares ("New
Ordinary Shares") to satisfy the Fundraising. The gross proceeds of the
Fundraising are GBP603,109.76.
Application will be made to the London Stock Exchange for the New
Ordinary Shares, which rank pari passu with the Company's existing
Ordinary Shares, to be admitted to trading on AIM. Dealings are expected
to commence at 8.00 a.m. on 18 August 2017.
On completion of the Placing and following Admission of the Placing
Shares, the enlarged issued share capital of Tern will be 129,368,704
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.
Al Sisto, Chief Executive Officer of Tern, commented:
"We are gratified with the support we have received from both existing
and private investors for this Fundraising. We are particularly
delighted with the positive support we have received from private
investors through PrimaryBid and as a result, have the opportunity to
increase the size of the Fundraising to satisfy that demand. "
"The funds raised will allow us to make a new investment in InVMA and
add it to our portfolio of IoT focused companies upon successful
completion of the Share Purchase Agreement (SPA). InVMA is an IoT
enablement company, a sector we believe is accelerating as the use of
IoT becomes more prevalent in the industrial and medical device markets.
InVMA was itself born out of an industrial controls business and
possesses a wealth of knowledge and technical skills essential to make
the most of the IoT market."
Date of announcement of Interim results
Tern also confirms that it will announce the interim results for the six
months to 30 June 2017 on 4 September 2017.
Enquiries:
Tern Plc via Redleaf
Al Sisto/Sarah Payne
WH Ireland Tel: 0117 945 3470
(NOMAD and joint broker)
Mike Coe/Ed Allsopp
Whitman Howard Tel: 020 7659 1234
(Joint broker)
Nick Lovering/Francis North
Redleaf Communications Tel: 020 7382 4730
David Ison/Elise Palmer
PrimaryBid Tel: 020 7491 6519
Dave Mutton
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
August 14, 2017 02:00 ET (06:00 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
Tern (LSE:TERN)
Historical Stock Chart
From Apr 2024 to May 2024
Tern (LSE:TERN)
Historical Stock Chart
From May 2023 to May 2024