10 August 2015
Tern Plc
(AIM: TERN)
Placing, shares in issue
Directors' dealings
Tern Plc (AIM:TERN), the investment company specialising in the cloud and mobile sectors, is pleased to announce it has raised £720,000 before expenses through a placing of 6,000,000 new ordinary shares of 0.02p each at a price of 12p per ordinary share ("the Placing").
The proceeds of the Placing will be used to facilitate further investments in accordance with the Company's investing policy and to provide additional finance for the existing portfolio, particularly the opportunities for the continuing development of Cryptosoft Limited.
In addition, the Company is pleased to announce that Bruce Leith and Al Sisto who provided Convertible Unsecured Loanstock ("CULS") in September 2014 are each converting £18,750 CULS into 1,500,000 new ordinary shares at 1.25 pence per share comprising in aggregate, a total of 3,000,000 ordinary Shares.
Application will be made for the 9,000,000 new ordinary 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 17 August 2015.
On completion of the Placing and following Admission of the new ordinary shares, the enlarged issued share capital will be 54,442,020 Ordinary Shares of 0.02peach. 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 and Transparency Rules.
Enquiries:
Tern plc | Tel: 07973 561 232 |
Angus Forrest | |
WH Ireland NOMAD and Broker | Tel: 0117 945 3471 |
John Wakefield | |
Peterhouse Corporate Finance (Joint broker) | Tel: 020 7469 0936 |
Lucy Williams / Duncan Vasey | |
About Tern:
Tern Plc acquires and invests in privately owned companies with self-owned 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.