Tern Plc Tern Plc : Issue Of Equity

 
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: [phone] 
 
   Tel [phone] 
 
   WH Ireland NOMAD and Broker 
 
   Tel: [phone] 
 
   John Wakefield / Ed Allsopp 
 
   Peterhouse Corporate 
http://www.investegate.co.uk/tern-plc--tern-/one/tern-plc---first-investment/20131125070020H5238/ 
Finance 
 
   (Joint broker) 
 
   Tel: [phone] 
 
   Lucy Williams / Duncan Vasey 
 
   Whitman Howard 
 
   (Joint broker) 
 
   Nick Lovering / Francis North 
 
   Tel [phone] 
 
   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)

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