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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