Tern plc (LON:TERN), the company focused on value creation from Internet of Things (IoT) technology businesses, has raised £450,000, before expenses, through a placing of 50,000,000 new ordinary shares of 0.02p each in the Company at a price of 0.90 pence per new Ordinary Share with an investment management group. The Placing is conditional upon the Placing Shares being admitted to trading on AIM.
The Placing Shares will represent approximately 5.5 per cent. of the Company’s enlarged issued ordinary share capital following the Placing. The Issue Price represents a discount of approximately 31 per cent. to the mid-market closing price of 1.30 pence per Ordinary Share on 14 July 2026, being the latest practicable business day prior to the publication of this announcement.
The net proceeds of the Placing are intended to be used to provide the Company with funds to provide additional support to Tern’s portfolio as appropriate, in particular a further potential convertible loan note investment in Talking Medicines Limited, and applied towards general corporate purposes, including operating and legal expenses.
CMC Markets UK Plc trading as CMC CapX, acted as the Company’s sole placing agent in respect of the Placing.
Admission and Total Voting Rights
The Placing has been conducted utilising the Directors’ existing authorities to issue new Ordinary Shares. The Placing Shares will rank pari passu in all respects with the existing issued Ordinary Shares. The Placing is conditional, inter alia, on: i) there being no breach of the obligations under the Placing Agreement entered into between CMC Markets and the Company prior to Admission; and ii) Admission. Application has been made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM. It is expected that Admission will become effective and that dealings in the Placing Shares on AIM will commence on or around 20 July 2026.
In accordance with the Financial Conduct Authority’s Disclosure, Guidance and Transparency Rules, the Company confirms that following Admission, the Company’s enlarged issued ordinary share capital will comprise 905,543,681 Ordinary Shares. The Company does not hold any shares in Treasury. Therefore, from Admission, the total number of voting rights in the Company will be 905,543,681 and from Admission this figure may be used by shareholders in the Company 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 Guidance and Transparency Rules.
