Business
Subscription to raise £1.5 million
Subscription to raise £1.5 million.
About this update from Tern Plc
[{"type":"text","content":"\n \n \n \n NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO, OR TO ANY PERSON LOCATED OR RESIDENT IN, ANY JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS ANNOUNCEMENT.\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 WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (\"UK 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 8 December\n 2022\n \n \n \n \n \n \n \n \n Tern Plc\n \n \n \n \n (\"Tern\" or the \"Company\")\n \n \n \n \n \n \n \n \n \n Subscription to raise £1.5 million\n \n \n \n \n \n \n Tern Plc (AIM:TERN), the company focused on value creation from Internet of Things (\"IoT\") technology businesses,\n announces that it has raised £\n 1.5 million, before expenses, through a subscription for 15,000,000 new ordinary shares (\"Ordinary Shares\") of 0.02p each in the Company (the \"Subscription Shares\") at a price of 10 pence per new Ordinary Share (the \"Issue Price\"), conditional upon admission to AIM (the \"Subscription\").\n \n \n \n \n \n The Subscription Shares will represent approximately 3.86 per cent. of the Company's issued share capital as enlarged by the Subscription. The Issue Price represents a discount of approximately 14.9 per cent. to the mid-market closing price on AIM of 11.75 pence per Ordinary Share on 7 December 2022, being the latest practicable business day prior to the publication of this announcement.\n \n \n \n \n \n The Subscription has been undertaken with a single UK-based FCA regulated institutional investment fund management firm who have subscribed on the understanding that Tern will use part of the net proceeds to repay the outstanding £400,000 loan facility and retain the benefit of the Wyld Network's AB shares, currently subject to a call option, as detailed below. The subscriber has additionally agreed to work with the Company to assist in maximisi...