Business
Statement re Fundraising of £0.6 million a...
Statement re Fundraising of £0.6 million a....
About this update from Tern Plc
[{"type":"text","content":"\n Statement re Fundraising of £0.6 million and Notice of interim resultsTHE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO CONSTITUTE INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE PROHIBITED BY ANY APPLICABLE LAW. Tern plc(\"Tern\" or the \"Company\")Fundraising of £0.6 millionNotice of interim resultsTern plc (AIM:TERN), the investment company focused on the Internet of Things (IoT), announced on 11 August the launch of a fundraising comprising a company subscription organised by Whitman Howard with an offer via PrimaryBid (the \"Offer\"), (together the \"Fundraising\") to raise approximately £300,000 (before expenses) at an issue price of 6.6 pence per New Ordinary Share. The Company is pleased to announce that it has successfully completed the Fundraising. The Fundraising received a positive response from investors, and was oversubscribed. The Offer was on a \"first come, first served\" basis and was closed early at 12pm on 13 August 2017, with the Fundraising having already been approximately 100% oversubscribed by that time. The Company has therefore decided to increase the size of the Fundraising in order to meet this demand. The Company will therefore issue and allot a total of 9,138,027 new ordinary shares (\"New Ordinary Shares\") to satisfy the Fundraising. The gross proceeds of the Fundraising are £603,109.76.Application will be made to the London Stock Exchange for the New Ordinary Shares, which rank pari passu with the Company's existing Ordinary Shares, to be admitted to trading on AIM. Dealings are expected to commence at 8.00 a.m. on 18 August 2017.On completion of the Placing and following Admission of the Placing Shares, the enlarged issued share capital of Tern will be 129,368,704 Ordinary Shares of 0.02p each. The Company does not hold any shares in Treasury. The above figure may be used by shareholders as the de...