3rd Apr 2019 10:11
LONDON (Alliance News) - Tern PLC on Wednesday said it has raised GBP1.5 million before expenses through a share subscription to provide the company with additional finance.
Tern issued 17.7 million shares at a price of 8.5 pence each. The stock was trading 18% lower on Wednesday at 8.30p a share, giving the technology investment company a market capitalisation of GBP24 million.
Following the admission, the company has 254.3 million shares overall.
The funds raised will provide Tern with additional finance and a strong negotiating position, it said, as it focuses on implementing its strategy to acquire and maintain long term, influential interests in high growth internet-of-things innovators until a suitable exit has been secured.
"This fundraise will enable us to continue with our strategy, which delivered solid NAV growth in 2018, of holding long term influential interests in high growth IoT innovators," said Chief Executive Al Sisto.
"We now have six portfolio companies in our portfolio at various stages of our value creation model and this new capital will allow us to maintain our position of influence as we syndicate further investment in our later stage companies and to invest in exciting high growth new opportunities, all with the goal of adding to our long-term NAV growth," added Sisto.
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