Results of underwritten Open Offer & TVR
Open Offer raised £642,486 at 1p per share with 43% take-up from qualifying shareholders.
- Open Offer Shares issued 64,248,646
- Take-up from Qualifying Shareholders 27,704,433 (43%)
- Underwriter subscription 36,544,213
- Gross proceeds £642,486
- Issue price 1.00 pence per share
- Enlarged share capital post-admission 642,486,466 ordinary shares
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Tern Plc (AIM:TERN), the company focused on value creation from Internet of Things ("IoT") technology businesses, announces the result of its underwritten Open Offer to Qualifying Shareholders which was announced on 14 July 2025 and closed for acceptances, in accordance with its terms, on 28 July 2025.
The Company announces that valid acceptances have been received from Qualifying Shareholders for a total of 27,704,433 Open Offer Shares, representing a take-up of approximately 43% of the 64,248,646 Open Offer Shares available. All Qualifying Shareholders who have validly applied for Open Offer Shares will therefore receive their full Basic Entitlement. Applications for Open Offer Shares from Qualifying Shareholders under the Excess Application Facility will also be satisfied in full.
The Open Offer Shares not taken up by Qualifying Shareholders, being 36,544,213 Open Offer Shares (equivalent to 5.69% of the Company's Enlarged Share Capital), are to be subscribed for by the Underwriter (being CMC Markets UK plc), pursuant to the terms of the Underwriting Agreement, as described in the Circular and in the announcement of 14 July 2025.
Accordingly, subject to Admission becoming effective, 64,248,646 Open Offer Shares will be issued in connection with the Open Offer, raising approximately £642,486 (before expenses) for the Company at the Issue Price of 1.00 pence per Open Offer Share.
PDMR participation in the Open Offer
The following persons discharging managerial responsibilities ("PDMRs") of the Company have participated in the Open Offer, as follows:
| PDMR | Number of Existing Ordinary Shares held | Number of Open Offer Shares subscribed for | Number of Ordinary Shares held on Admission | % of the Enlarged Share Capital on Admission |
|---|---|---|---|---|
| Iain Ross (Non-Executive Director) | 1,210,000 | 134,444 | 1,344,444 | 0.21% |
| Al Sisto (non-board CEO) | 12,158,147 | 170,534 | 12,328,681 | 1.92% |
Admission and dealings
The Open Offer Shares will, when issued, be credited as fully paid and will rank pari passu in all respects with each other and with the Existing Ordinary Shares, including the right to receive all dividends and other distributions declared, made or paid after the date of Admission. Application has been made to the London Stock Exchange for the Open Offer Shares to be admitted to trading on AIM ("Admission"). Dealings in the Open Offer Shares and Admission are expected to take place on or around 8.00 a.m. on 31 July 2025.
Total voting rights
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 642,486,466 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 642,486,466 and 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.
Defined terms used in this announcement have the same meaning as those set out in the Company's announcement released on 14 July 2025.
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |
| a) | Name | Iain Ross |
| 2 | Reason for the notification | |
| a) | Position/status | Non-Executive Director |
| b) | Initial notification/ Amendment | Initial Notification |
| a) | Name | Tern plc |
| b) | LEI | 2138005F87SODHL9CQ36 |
| a) | Description of the financial instrument, type of instrument Identification code | Ordinary Shares of 0.02p each GB00BFPMV798 |
| b) | Nature of the transaction | Purchase of Ordinary Shares pursuant to Open Offer |
| c) | Price(s) and volume(s) | Price(s) Volume(s) 1.00 pence - 134,444 Ordinary Shares |
| d) | Aggregated information - Aggregated volume - Price | N/A £1,344.44 |
| e) | Date of the transaction | 28 July 2025 to be completed on 31 July 2025 |
| f) | Place of the transaction | Outside a trading venue |
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |
| a) | Name | Al Sisto |
| 2 | Reason for the notification | |
| a) | Position/status | Chief Executive Officer (non-board) |
| b) | Initial notification/ Amendment | Initial Notification |
| a) | Name | Tern plc |
| b) | LEI | 2138005F87SODHL9CQ36 |
| a) | Description of the financial instrument, type of instrument Identification code | Ordinary Shares of 0.02p each GB00BFPMV798 |
| b) | Nature of the transaction | Purchase of Ordinary Shares pursuant to Open Offer |
| c) | Price(s) and volume(s) | Price(s) Volume(s) 1.00 pence - 170,534 Ordinary Shares |
| d) | Aggregated information - Aggregated volume - Price | N/A £1,705.34 |
| e) | Date of the transaction | 28 July 2025 to be completed on 31 July 2025 |
| f) | Place of the transaction | Outside a trading venue |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.