Business
Results of Underwritten Open Offer
Results of Underwritten Open Offer.
About this update from Tern Plc
[{"type":"text","content":"\n\nTHIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND FOR INFORMATION PURPOSES ONLY AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, AND DOES NOT CONSTITUTE AN OFFER OF SECURITIES FOR SALE IN, INTO OR FROM THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION, DISTRIBUTION, OFFER OR SALE WOULD BE UNLAWFUL.\nTHIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMENDATION, OFFER OR ADVICE TO ANY PERSON TO PURCHASE AND/OR SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE OF ANY SECURITIES IN TERN PLC OR ANY OTHER ENTITY IN ANY JURISDICTION. NEITHER THIS ANNOUNCEMENT NOR THE FACT OF ITS DISTRIBUTION, SHALL FORM THE BASIS OF, OR BE RELIED ON IN CONNECTION WITH ANY INVESTMENT DECISION IN RESPECT OF TERN PLC.\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATIONS (EU) NO. 596/2014 WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (\"UK MAR\").\n \n7 May 2025\n \nTern plc\n \n(\"Tern\" or the \"Company\")\n \nResults of Underwritten Open Offer\n \nTotal voting rights\n \nTern Plc (AIM:TERN), the company focused on value creation from Internet of Things (\"IoT\") technology businesses, announces the results of its underwritten Open Offer to Qualifying Shareholders which was announced on 17 April 2025 and closed for acceptances, in accordance with its terms, on 6 May 2025.\n \nThe Company announces that valid acceptances have been received from Qualifying Shareholders for a total of 38,772,443 Open Offer Shares, representing a take-up of approximately 114% of the 34,013,989 Open Offer Shares available.\n \nAll Qualifying Shareholders who have validly applied for Open Offer Shares will receive their full Basic Entitlement. Applications for Open Offer Shares under the Excess Application Facility will be scaled back on a pro-rata basis, with the same scaling methodology to be applied to each Shareholder who applied for Excess Entitlements. Accordingly, subject to Admission becoming effective, 34,013,989 Open Offer Shares will be issued in connection with the Open Offer, raising approximatel...