Business
Equity Fundraise of £0.8 million
Equity Fundraise of £0.8 million.
About this update from Tern Plc
[{"type":"text","content":"\n \n\n\nTern PLC (TERN)\n\n\n\nTern PLC: Equity Fundraise of £0.8 million09-March-2020 / 07:00 GMT/BSTDissemination 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.\n\n\n \n\nTHIS 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.\n\n \n\n \n\n9 March 2020\n\n \n\nTern Plc (\"Tern\" or the \"Company\")\n\nEquity Fundraise of £0.8 million\n\n \n\nTern Plc (AIM:TERN), the investment company specialising in the Internet of Things (\"IoT\"), announces that it has raised approximately £0.8 million before expenses through a subscription of 13,333,331 new ordinary shares of 0.02p each (the \"Subscription Shares\") at a price of 6 pence per new ordinary share (the \"Issue Price\") (the \"Subscription\"), conditional upon admission to AIM.\n\n \n\nThe Directors intend to use the net proceeds of the Subscription to facilitate a new investment, strengthen the Company's balance sheet to enable the Company to hold strong negotiating positions for any follow-on investment opportunities in the Company's principal portfolio companies and for working capital generally. \n\n \n\nPDMR Dealings\n\nIn support of the Subscription, certain of the Company's directors, senior executives and some of their family members have agreed to invest a total of approximately £113,000 in the Subscription. \n\n \n\nIan Ritchie, Non-Executive Chairman, has subscribed for 333,333 Subscription Shares, which represents an amount of approximately £20,000 at the Issue Price. Al Sisto, Chief Executive Officer, has subscribed for 733,333 Subscription Shares, which represents an amount of approximately £44,000 at the Issue Price. Sarah Payne, Finance Director, has subscribed for 100,000 Subscription Shares, which represents an amo...