9th Feb 2015 16:12
LONDON (Alliance News) - Tern PLC said Monday the repayment of the remaining GBP30,000 of GBP200,000 in convertible loan notes issued August 2013, which was due for the start of this year, has been extended to January 1, 2016.
The owner of the convertible loan notes are Tern Chairman Angus Forrest and Executive Director Michael Clark.
The company also noted that in addition to 1.2 million warrants that were granted as part of a placing last November, which remain outstanding, it has granted a further 396,302 warrants to Jon Penney in connection to its acquisition of Cryptosoft Ltd. The warrants are to subscribe for new shares in two equal tranches of 2 pence and 4 pence per share, respectively.
Tern said it will report is final results for 2014 on Tuesday.
Shares in Tern are trading down 5.9% at 5.76 pence late Monday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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