Business
Result of GM & Update on Open Offer
Tern PLC announced that all resolutions were passed at its General Meeting, authorizing directors to allot securities and disapply statutory pre-emption rights with strong shareholder support. The Open Offer received valid acceptances for 67,666,314 new Ordinary Shares, raising approximately £406,000 before expenses at 0.60 pence per share. Dealings in these Open Offer Shares and admission to AIM are now expected around 8:00 a.m. on May 14, 2026, bringing the enlarged issued ordinary share capital to 818,543,681 shares. Directors Iain Ross and Albert Sisto are subscribing for 263,401 and 1,500,394 Open Offer Shares respectively. Disclaimer*
About this update from Tern Plc
[{"type":"text","content":"\n\n8 May 2026\n \nTern plc\n \n(\"Tern\" or the \"Company\")\n \nResults of General Meeting\n \nUpdate on Open Offer and Admission to trading on AIM\n \nTotal voting rights\n \nTern Plc (AIM:TERN), the Company focused on value creation from Internet of Things (\"IoT\") technology businesses, announces that at the Company's General Meeting (\"GM\") held earlier today all Resolutions were passed.\n \nDetails of the proxy voting on the Resolutions are set out below:\n \n\n\n\n\nResolution\n\n\nVotes For\n\n\nVotes Against\n\n\nVotes Withheld*\n\n\nTotal Votes Cast (excluding Withheld)*\n\n\n\n\nNo. of ordinary shares\n\n\n% of ordinary shares voted*\n\n\nNo. of ordinary shares\n\n\n% of ordinary shares voted*\n\n\nNo. of ordinary shares\n\n\n\n\n \n\n\nORDINARY RESOLUTION\n\n\n\n\n1. To authorise the Directors to allot securities\n\n\n313,409,566\n\n\n98.55%\n\n\n4,608,302\n\n\n1.45%\n\n\n10,412,729\n\n\n318,017,868\n\n\n\n\n \n\n\nSPECIAL RESOLUTION\n\n\n\n\n2. To disapply statutory pre-emption rights\n\n\n308,888,977\n\n\n97.13%\n\n\n9,118,695\n\n\n2.87%\n\n\n10,422,925\n\n\n318,007,672\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n*A 'Vote Withheld' is not a vote in law and has not been counted in the calculation of the proportion of the votes 'For' and 'Against' a resolution.\n \nThe Resolutions are set out in full in the Company's Circular dated 21 April 2026 which is available on the Company's website at: https://ternplc.com/aim-rule-26/.\n \nOpen Offer\n \nThe Company announced earlier today that valid acceptances had been received from Qualifying Shareholders for a total of 67,666,314 new Ordinary Shares (the \"Open Offer Shares\") under the Open Offer. The Open Offer was conditional upon the passing of the Resolutions at the General Meeting.\n \nAs a result of the Resolutions being passed, and subject to Admission becoming effective, 67,666,314 Open Offer Shares will be issued in connection with the Open Offer, raising approximately £406,000 (before expenses) for the Company at the Issue Price of 0.60 pence per Open Offer Share. Further announcements are expected to be made in due course in relation to the application of the net proceeds of the Open Offer.\n \nCommenting, Jane McCracken, Interim Non-Executive Chair ...