Tern Plc Secures £144K Through Successful Open Offer, Strengthening IoT Ambitions

Tern Plc (LON:TERN), the company focused on value creation from Internet of Things (“IoT“) technology businesses, has announced the results of its Open Offer to Qualifying Shareholders which was announced on 3 September 2024 and closed for acceptances, in accordance with its terms, on 20 September 2024.

Tern plc has announced that valid acceptances have been received from Qualifying Shareholders for a total of 11,523,513 Open Offer Shares under the Open Offer.

As a result, and subject to Admission becoming effective, 11,524,513 Open Offer Shares will be issued in connection with the Open Offer, raising approximately £144,044 (before expenses) for the Company at the Issue Price of 1.25 pence per Open Offer Share.

The Open Offer was conducted following the failure to pass the resolution required to issue new ordinary shares, disapplying statutory pre-emption rights, at the Company’s Annual General Meeting held on 27 June 2024, as a way to appropriately raise funds to protect Tern’s position in, and progress, Tern’s portfolio companies, whilst also providing Tern with funding as an AIM company. The Directors believe the net proceeds of the Open Offer, coupled with the proceeds from the sale of a modest proportion of the Company’s holding in Device Authority, as announced on 9 August 2024, have provided funding that is appropriate to meet the Company’s immediate requirements, but the Company will continue to explore the best ways to access capital, maximise shareholder value and source value creating opportunities.

Click to view all articles for the EPIC:
Or click to view the full company profile:
Facebook
X
LinkedIn
Tern plc

More articles like this

Tern plc

Maximising ROI in healthcare marketing with advanced AI solutions

In healthcare marketing, reaching the right audience—whether patients or healthcare providers (HCPs)—is more important than ever. Traditional marketing methods often fail to deliver the nuanced insights necessary for effective messaging. This is where artificial intelligence (AI)

Tern plc

AI in healthcare and the importance of ethical governance

Artificial intelligence is quickly transforming industries, bringing innovation and reshaping business practices. However, with its rapid growth comes a need for responsible oversight to ensure AI is used ethically and responsibly. AI’s adoption poses distinct challenges

Tern plc

Understanding Privileged Access Management and its role in cybersecurity

Privileged Access Management (PAM) is an essential approach to safeguarding privileged accounts—those with elevated permissions enabling high-level actions within an organisation’s IT systems. These accounts provide access to sensitive data and critical systems, making them prime

Tern plc

Emerging trends in IoT shaping industry with AI integration

The Internet of Things (IoT) has expanded rapidly, with connected devices influencing many aspects of our lives. This interconnected landscape is set to grow even further, with global investment in IoT anticipated to surpass $1 trillion

Tern plc

Transforming Ophthalmic education with VR training

The American Academy of Ophthalmology, in collaboration with the immersive training company FundamentalVR, has introduced a new initiative, the Academy’s VR Education program. This programme aims to revolutionise ophthalmic education and surgical training through the use

Tern plc

Strengthening cybersecurity compliance: Understanding the impact of NIS2

As digital transformation accelerates, cybersecurity risks grow in parallel, particularly for organisations managing critical infrastructure and sensitive data. The European Union (EU) has responded to these emerging challenges by updating its cybersecurity regulations with NIS2 (Network

Tern plc

Device Authority’s KeyScaler as a Service reaches major milestone

Device Authority has recently surpassed a significant milestone with its cloud-native platform, KeyScaler as a Service (KSaaS), now managing over 11 million machine identity authentications across 49 countries. This achievement showcases the rising demand for scalable

Tern plc

Revolutionising surgical training with immersive technology

The field of medical training is constantly evolving, yet ensuring competency on a large scale remains a consistent challenge. As the need for skilled surgeons and healthcare workers grows, traditional approaches—using cadavers, simulations, and hands-on experience

Tern plc

Tern raises £625,000 via Placing

Tern Plc (LON:TERN), the investment company specialising in supporting high growth, early-stage, disruptive Internet of Things technology businesses, has announced that it has raised £625,000, before expenses, through a placing of 50,000,000 new ordinary shares of 0.02p each

Tern plc

Strengthening IoT and OT security through strategic partnerships

The rapid growth of Internet of Things (IoT) and Operational Technology (OT) devices has revolutionised industries, enhancing innovation, efficiency, and automation. However, with the increasing adoption of these devices, security challenges have become more pronounced. Traditional

Tern plc

The future of surgical training lies in virtual reality

Surgical advancements over the past century have been remarkable, yet the reality remains that more than 5 billion people globally lack access to safe surgical procedures. This is largely due to a shortage of trained surgeons.

Tern plc

Empowering rare disease communities through AI

Rare disease communities encounter a range of challenges that go far beyond just patient care, many of which are frequently overlooked in broader health strategies. With more than 7,000 rare diseases affecting relatively small and diverse

Tern plc

How IoT automation is transforming industry

The integration of the Internet of Things (IoT) is reshaping the way industries operate, particularly through innovations like smart manufacturing, predictive maintenance, and remote monitoring. With these advancements, industries can streamline processes, improve productivity, and enhance

Tern plc

Understanding business valuation methods

Knowing how to value your business is crucial when planning to sell or raise capital. Both buyers and investors will require insight into the business’s current financial standing and its projected performance. A variety of methods