Tern Plc (LON:TERN), the company focused on value creation from Internet of Things technology businesses, announced today that on the 23rd August 2022, the Company entered into a direct subscription with Albert Sisto, Chief Executive Officer, via the Albert E Sisto Revocable Trust, for a total of 200,000 new Ordinary Shares of 0.02p pence each at an issue price of 9.9p pence per share.
The Subscription has been undertaken by the Company to allow Mr. Sisto to increase his interest in the Company, which is otherwise difficult for Mr. Sisto to do, due to his primary residency and tax status in the United States of America. The Issue Price is equal to the closing mid-market price of the Company’s Ordinary Shares on AIM on the business day prior to this announcement.
Albert Sisto’s total beneficial interest following this transaction will be 10,616,666 Ordinary Shares, representing approximately 3.01% of the voting rights in the Company’s enlarged share capital following the issue of the Subscription Shares. The FCA notification, made in accordance with the requirements of the UK Market Abuse Regulation, is appended below.
Application has been made for the 200,000 Subscription Shares to be admitted to trading on AIM, which is expected to take place on or around 30th August 2022. Once issued, the Subscription Shares will rank pari passu in all respects with the existing Ordinary Shares of the Company.
Total Voting Rights
Following Admission, the Tern plc issued ordinary share capital will consist of 352,214,701 Ordinary Shares, all of which carry one voting right per share. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of Ordinary Shares and voting rights in the Company will be 352,214,701. With effect from Admission, this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA’s Disclosure Guidance and Transparency Rules.