Tern raises £400,000 through AIM placing for IoT investments

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 £400,000, before expenses, through a placing of 30,769,231 new ordinary shares of 0.02p each in the Company at a price of 1.3 pence per new Ordinary Share. The Placing is conditional upon the Placing Shares being admitted to trading on AIM.

The Placing Shares will represent approximately 5.86 per cent. of the Company’s enlarged issued share capital following the Placing.  The Issue Price represents a discount of approximately 16.13 per cent. to the mid-market closing price of 1.55 pence per Ordinary Share on 13 December 2024, being the latest practicable business day prior to the publication of this announcement.

The net proceeds of the Placing are currently intended to be used to provide the Company with funds to invest further in one or more of Tern’s portfolio holdings and for general corporate purposes, including operating and legal expenses.  Further announcements will be made by the Company in due course as appropriate.

Shard Capital Partners LLP acted as the Company’s sole placing agent in respect of the Placing. 

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