25th Jul 2018 11:35
LONDON (Alliance News) - 'Internet of Things' investor Tern PLC said Wednesday it has raised GBP2.9 million as it looks to develop its investment portfolio.
Tern placed 11.2 million new shares at a price of 26 pence each, with shares trading 15% lower on Wednesday morning at 27.69p apiece.
Chief Executive Al Sisto said: "We are pleased to receive further support for our strategy and for our current portfolio from both new and existing investors."
"The additional cash resource provided by this placing will enhance our opportunity to further develop our underlying net asset value."
Tern also said Wednesday its investee InVMA, in which it has a 50% stake, has bought the intellectual property and other assets of Cambridge-based AMIHO Technology.
AMIHO, Tern said, works in the smart energy industry, and its IP includes wireless radio frequency modules, protocol stacks, and evaluation kits.
Tern said the deal will have no immediate impact on the value of its InVMA investment, but presents an "interesting" opportunity for its investee.
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