Results of Open Offer
Tern plc announced the results of its Open Offer, with valid acceptances received for 67,666,314 new Ordinary Shares, representing approximately 63% of the shares available. This Open Offer, conditional on shareholder resolutions, is expected to raise gross proceeds of approximately £406,000, with dealings on AIM commencing on May 11, 2026. Directors and PDMRs, including Albert Sisto, are participating in the offer.
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Tern Plc (AIM:TERN), the Company focused on value creation from Internet of Things ("IoT") technology businesses, announces the results of its Open Offer to Qualifying Shareholders which was announced on 21 April 2026 and closed for acceptances, in accordance with its terms, on 7 May 2026.
The Company announces that valid acceptances have been received from Qualifying Shareholders for a total of 67,666,314 new Ordinary Shares (the "Open Offer Shares") under the Open Offer, representing a take-up of approximately 63% of the 107,268,195 Open Offer Shares available.
The Open Offer is conditional upon the passing of the Resolutions at a General Meeting being held at 11.00 a.m. today, 8 May 2026, and Admission of the Open Offer Shares to trading on AIM. Subject to the passing of the Resolutions, the Open Offer will raise gross proceeds of approximately £406,000 for the Company and it is expected that Admission will become effective and dealings in the Open Offer Shares on AIM will commence on 11 May 2026.
A further announcement will be made following the conclusion of the General Meeting.
Capitalised terms used but not otherwise defined in this announcement bear the meanings ascribed to them in the circular posted to shareholders on 21 April 2026.
Director and PDMR participation in the Open Offer
The following Director and persons discharging managerial responsibilities ("PDMRs") of the Company have opted to participate in the Open Offer, and conditional upon the passing of the Resolutions at the General Meeting and Admission will subscribe for the Open Offer Shares as follows:
| Director | Number of Existing Ordinary Shares | Number of Open Offer Shares subscribed for | Number of Ordinary Shares to be held on Admission | % of the Enlarged Share Capital to be held on Admission |
|---|---|---|---|---|
| Iain Ross | 1,843,808 | 263,401 | 2,107,209 | 0.26% |
| PDMR | Number of Existing Ordinary Shares | Number of Open Offer Shares subscribed for | Number of Ordinary Shares to be held on Admission | % of the Enlarged Share Capital to be held on Admission |
| Albert Sisto | 21,126,096 | 1,500,394 | 22,626,490 | 2.76% |
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