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.
