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Tern Plc : Placing, Directors' dealings, shares...
Tern Plc : Placing, Directors' dealings, shares....
About this update from Tern Plc
[{"type":"text","content":"\n Tern Plc : Placing, Directors' dealings, shares in issue17 September 2014Tern Plc(\"Tern\" or the \"Company\")(AIM: TERN) Placing, Directors' dealings, shares in issueThe Board of the Company announces that it has raised a total of £200,000 via the issuance of new convertible loan stock to certain Directors of the Company, with a conversion price of 1.25 pence per share. The Company has raised a further £85,000 via a placing of 6,800,000 new ordinary shares of 0.02 pence per shares at a price of 1.25 pence per share with institutional and private investors. Additionally, certain existing Company Directors have agreed to the partial conversion of £48,000 of existing convertible loan stock into new ordinary shares in the Company, at a conversion price of 1.25 pence per share (£30,000) and 2.016 pence per share (£18,000).The funds raised will enable Tern to complete the working capital investment into its recently acquired subsidiary, Cryptosoft Limited, as announced on 15 September 2014. Angus Forrest, Chairman, Tern plc said:\"The acquisition of Cryptosoft Limited is a very exciting transaction for Tern, as the innovative technology has massive potential in the new hyper-growth market sectors of the internet of things (\"IoT\") and data security for mobile networks. We believe there will be some interesting commercial developments before the end of this year. \"Further DetailsThe following Directors of the Company, Al Sisto, Angus Forrest, Bruce Leith and Michael Clark, are each subscribing for £50,000 each of a new Tern Convertible Loan Note (the 'CLN'), convertible at a price of 1.25 pence per ordinary share, and raising a total of £200,000 for the Company. The CLN is unquoted, is zero coupon, is unsecured, and has a maturity date of 1st January 2016. As part of a further commitment to the future of the Company, Michael Clark and Angus Forrest have each agreed to additionally convert £9,012.80 of existing convertible loan notes into 447,063 new ordinary shares in the Company.In addition, 6,800,000 shares of new ordinary shares in the Company have been placed with institutions and private investors at an issue price of 1.25 pence per ordinary share, raising £85,000On 30 July 2014, Tern announced that Al Sisto, a Director of the Company, advanced £100,000 to the Company. Under the terms of this loan, so...