Tern PLC: Equity Fundraise of c. GBP1.5m (795119)
April 03 2019 - 1:02AM
UK Regulatory
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release.
Tern PLC (TERN)
Tern PLC: Equity Fundraise of c. GBP1.5m
03-Apr-2019 / 07:00 GMT/BST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7
OF THE MARKET ABUSE REGULATIONS (EU) NO. 596/2014 ("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.
3 April 2019
Tern Plc ("Tern" or the "Company")
Equity Fundraise of c. GBP1.5m
Tern Plc (AIM:TERN), the investment company specialising in the Internet of
Things ("IoT"), announces that it has raised approximately GBP1.5 million
before expenses through a subscription of 17,647,058 new ordinary shares of
0.02p each (the "Subscription Shares") at a price of 8.5 pence per new
ordinary share (the "Subscription"), conditional upon admission to AIM.
The funds raised will provide Tern with additional finance and a strong
negotiating position as it focuses on implementing its strategy to acquire
and maintain long term, influential interests in high growth IoT innovators
until a suitable exit has been secured. This approach delivered robust NAV
growth in the 12 months to 31 December 2018.
Al Sisto, CEO of Tern, commented on the Subscription: "Tern is an investment
company which is focused on capitalising on the rapid growth of IoT,
particularly in the healthcare and industrials arenas. This fundraise will
enable us to continue with our strategy, which delivered solid NAV growth in
2018, of holding long term influential interests in high growth IoT
innovators. In particular, we were pleased to note recent contract wins by
Fundamental VR and InVMA. We now have six portfolio companies in our
portfolio at various stages of our value creation model and this new capital
will allow us to maintain our position of influence as we syndicate further
investment in our later stage companies and to invest in exciting high
growth new opportunities, all with the goal of adding to our long-term NAV
growth. We look forward to announcing how we have invested these funds in
due course."
Application will be made for the 17,647,058 Subscription Shares to be
admitted to AIM and it is expected that admission will take place and
trading in the Subscription Shares will commence on 9 April 2019.
In accordance with the Financial Conduct Authority's Disclosure, Guidance
and Transparency Rules, the Company confirms that on completion of the
Subscription and following admission of the Subscription Shares to trading
on AIM, the Company's enlarged issued ordinary share capital will comprise
254,323,945 ordinary shares of 0.02p each. The Company does not hold any
shares in Treasury. Therefore the total number of voting rights in the
Company will be 254,323,945. Following the completion of the Subscription
and admission of the Subscription Shares to trading on AIM, the above figure
may be used by shareholders in the Company 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.
Information for Distributors
Solely for the purposes of the product governance requirements contained
within: (a) EU Directive 2014/65/EU on markets in financial instruments, as
amended ("MiFID II"); (b) Articles 9 and 10 of Commission Delegated
Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing
measures (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 by Allenby Capital Limited, 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, each as defined in MiFID
II; and (ii) eligible for distribution through all distribution channels as
are permitted by MiFID II (the "Target Market Assessment"). Notwithstanding
the Target Market Assessment, investors should note that: the price of the
Subscription Shares may decline and investors could lose all or part of
their investment; Subscription Shares offer no guaranteed income and no
capital protection; and an investment in Subscription Shares 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,
only investors who have met the criteria of professional clients and
eligible counterparties have been procured. For the avoidance of doubt, the
Target Market Assessment does not constitute: (a) an assessment of
suitability or appropriateness for the purposes of MiFID II; 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 Subscription
Shares.
*END*
Enquiries
Tern plc Via Newgate Communications
Al Sisto, CEO
Sarah Payne, Finance Director
Tel: 0203 328 5656
Allenby Capital Limited
(Nomad and Joint broker)
David Worlidge/Alex Brearley
Tel: 020 7659 1234
Whitman Howard
(Joint broker)
Nick Lovering/Christopher Furness
Newgate Communications Tel: 020 3757 6880
PR
Elisabeth Cowell/Fiona Norman
ISIN: GB00BFPMV798
Category Code: MSCH
TIDM: TERN
LEI Code: 2138005F87SODHL9CQ36
Sequence No.: 8052
EQS News ID: 795119
End of Announcement EQS News Service
(END) Dow Jones Newswires
April 03, 2019 02:02 ET (06:02 GMT)
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