Business
Equity Fundraise of up to £2.2 million
Equity Fundraise of up to £2.2 million.
About this update from Tern Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 1831F\n Tern PLC\n 12 November 2020\n \n \n \n \n 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.\n \n \n \n \n \n \n \n \n 12 November 2020\n \n \n \n \n \n Tern Plc\n \n \n (\"Tern\" or the \"Company\")\n \n \n \n \n \n \n Equity Fundraise of up to £2.2 \n \n \n million\n \n \n \n \n \n \n Subscription to raise £1.7 million\n \n \n and\n \n \n A Retail Offer via the PrimaryBid Platform\n \n \n \n \n \n Tern Plc (AIM:TERN), the investment company specialising in the Internet of Things (\"IoT\"), announces that it has raised £1,700,400, before expenses through a subscription of 22,672,000\n \n new ordinary shares (\"Ordinary Shares\") of 0.02p each in the Company (the \"Subscription Shares\") at a price of 7.5 pence per new Ordinary Share (the \"Issue Price\"), conditional upon admission to AIM (the \"Subscription\").\n \n \n \n \n \n In addition to the Subscription, there will be an offer to retail and other investors via PrimaryBid Limited (\"PrimaryBid\") at the Issue Price (the \"Retail Offer\", and together with the Subscription, the \"Fundraise\"), to provide certain existing retail shareholders in the Company and other retail investors with an opportunity to participate in the Fundraise. A separate announcement will be made shortly by the Company regarding the Retail Offer and its terms.\n Those investors who subscribe for new Ordinary Shares pursuant to the Retail Offer (the \"Retail Shares\") will do so pursuant to the terms and conditions of the Retail Offer contained in that announcement.\n \n \n \n \n \n The Issue Price represents a discount of 14.3% to the closing middle market price of 8.75p per Ordinary Share on 11 November 2020, being the latest practicable date prior to the date and time of this announcement.\n \n \n \n \n \n The Directors intend to use the net proceeds o...