Tern Plc Statement Re Fundraising Of Gbp0.6 Million And Notice Of Interim Results

 
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   NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN 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, 
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   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: [phone] 
  (NOMAD and joint broker) 
  Mike Coe/Ed Allsopp 
 
  Whitman Howard                 Tel: [phone] 
  (Joint broker) 
  Nick Lovering/Francis North 
 
  Redleaf Communications         Tel: [phone] 
  David Ison/Elise Palmer 
 
PrimaryBid                     Tel: [phone] 
 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)

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