Tern Terminates Loan Note Facility And Raises GBP650,000 By Placing (ALLISS)

8th Mar 2018 11:11

LONDON (Alliance News) - Tern PLC on Thursday said it has terminated the GBP2.2 million convertible unsecured loan note facility and raised GBP650,000 through placing of 25.5 million shares at 2.55 pence per share.

Shares in the technology-focused investment company were up 8.0% at 3.24 pence on Thursday.

Proceeds from the placing will go towards providing additional finance to develop the businesses in Tern's company portfolio, and investment in new companies.

"This placing provides us with capital to continue delivering on our strategy without the convertible loan note facility, which is pleasing. We look forward to highlighting the progress made by our portfolio companies which we believe will help to drive value in Tern going forward," said Chairman Al Sisto.

Tern now has 212.1 million shares issued overall.

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