Tern PLC: Equity Fundraise of c. GBP1.75m (900021)
30 Ottobre 2019 - 08:03AM
UK Regulatory
Tern PLC (TERN)
Tern PLC: Equity Fundraise of c. GBP1.75m
30-Oct-2019 / 07:03 GMT/BST
Dissemination of a Regulatory Announcement that contains inside information
according to REGULATION (EU) No 596/2014 (MAR), 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.
30 October 2019
Tern Plc ("Tern" or the "Company")
Equity Fundraise of c. GBP1.75m
Tern Plc (AIM:TERN), the investment company specialising in the Internet of
Things ("IoT"), announces that it has raised approximately GBP1.75 million
before expenses through a subscription of 15,695,100 new ordinary shares of
0.02p each (the "Subscription Shares") at a price of 11.15 pence per new
ordinary share (the "Subscription"), conditional upon admission to AIM.
The funds raised will provide Tern with additional finance to continue
implementing its strategy to acquire and maintain long-term, influential
interests in high growth IoT innovators and will also provide working
capital.
Al Sisto, CEO of Tern, commented on the Subscription:
" We are pleased to secure this new capital against a challenging equity
capital markets backdrop. This, together with the announcement earlier today
regarding FundamentalVR having secured additional funds which demonstrates a
significant increase in the fair value of our holding, endorses our strategy
to capitalise on the rapid growth of the IoT by investing in UK businesses
which have the potential to change the future and become market leaders.
"This fundraise will enable us to fund further new investments and continue
to support our current portfolio, via our investment thesis to provide
hands-on support and to create collaborative environments for talented
well-motivated management teams. It will also enable us to maintain our
positions of influence in our investee companies when there is follow-on
funding with syndicates of investors. We have six companies in our portfolio
at various stages of our value creation model and this new capital will help
us meet our goal of providing our shareholders with continued NAV growth and
an investment balance in our portfolio to mitigate risk. We look forward to
further announcements regarding our portfolio companies' continued
progress."
Application will be made for the 15,695,100 Subscription Shares to be
admitted to AIM ("Admission") and it is expected that Admission will take
place and trading in the Subscription Shares will commence on 5 November
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, the Company's enlarged issued ordinary
share capital will comprise 270,019,045 ordinary shares of 0.02p each. The
Company does not hold any shares in Treasury. Therefore, from Admission, the
total number of voting rights in the Company will be 270,019,045. Following
the completion of the Subscription and Admission, 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.
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/Megan Kovach
ISIN: GB00BFPMV798
Category Code: MSCH
TIDM: TERN
LEI Code: 2138005F87SODHL9CQ36
Sequence No.: 25849
EQS News ID: 900021
End of Announcement EQS News Service
(END) Dow Jones Newswires
October 30, 2019 03:03 ET (07:03 GMT)
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