Tern Plc : Issue of Equity

7 October 2016 

Tern Plc
 (AIM: TERN) 

Oversubscribed placing to raise approximately £2,550,000 and
appointment of joint broker

Tern Plc ("Tern" or "the Company")), the company specialising in the cloud and Internet of Things ("IoT") sectors, is pleased to announce that it has raised approximately £2,550,000 before expenses, by way of a placing of 36,428,557 new ordinary shares of 0.02p each at a price of 7p per ordinary share ("the Placing").  Additionally, subscribers in the Placing receive a warrant to subscribe for 1 share for every 2 shares purchased, at a price per warrants of 12p, exercisable at any time before 12 April 2018. Following strong institutional demand the placing was oversubscribed and it was necessary to scale back investors .

This announcement includes inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.

£2.0 million of the net proceeds of the Placing will be used by Tern to make an additional investment in Device Authority Ltd, the secure data and provisioning company.  The balance will be used for working capital.
  
Application has been made for the 36,428,557 new ordinary shares (the "Placing Shares") to be admitted to AIM and it is expected that admission will take place and trading in the new ordinary shares will commence on 12 October 2016. 

On completion of the Placing and following Admission of the Placing Shares, the enlarged issued share capital of Tern will be 115,111,443 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 denominator for the calculations to determine if they are required to notify their interest in, or a change to their interest in the Company, under the Disclosure Guidance and Transparency Rules. 

The Company also announces the appointment of Whitman Howard Limited as its joint broker with immediate effect.

Enquiries: 

Tern plc
Angus Forrest / Al Sisto

Tel: [phone]
Tel [phone]

WH Ireland NOMAD and Broker 
Tel: [phone] 
John Wakefield / Ed Allsopp 

Peterhouse Corporate Finance
(Joint broker) 
Tel: [phone] 
Lucy Williams / Duncan Vasey 

Whitman Howard
(Joint broker)
Nick Lovering / Francis North
Tel [phone]

About Tern: 

Tern Plc acquires and invests in privately owned companies with IP, established products and customer bases. Its investment strategy is focused on taking an active role in its investee companies in order to improve the business model, accelerate growth, expand the business globally, and identify exit opportunities.

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This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Tern Plc via Globenewswire