Tern has successfully raised £4m gross proceeds through an issue of 21.2m shares at 18.8p per share, a 15.5% discount to the last closing price. Retail and other investors were able to participate via PrimaryBid, reducing the dilutive impact for investors. The retail offer was oversubscribed and raised gross proceeds of £1.99m. The net proceeds are intended to bolster Tern’s commercial position by supporting further investment in its current portfolio companies and accommodate new value-enhancing investments. Although at a slight discount to the recent price, the new monies are being raised at a significant premium to where the share price has been trading, based on a 6 month average of around 16p.
14 Jul 2021
Fundraise for flexibility
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Fundraise for flexibility
Tern PLC (TERN:LON) | 2.7 0 3.8% | Mkt Cap: 11.5m
- Published:
14 Jul 2021 -
Author:
Gareth Evans | Tessa Starmer -
Pages:
2
Tern has successfully raised £4m gross proceeds through an issue of 21.2m shares at 18.8p per share, a 15.5% discount to the last closing price. Retail and other investors were able to participate via PrimaryBid, reducing the dilutive impact for investors. The retail offer was oversubscribed and raised gross proceeds of £1.99m. The net proceeds are intended to bolster Tern’s commercial position by supporting further investment in its current portfolio companies and accommodate new value-enhancing investments. Although at a slight discount to the recent price, the new monies are being raised at a significant premium to where the share price has been trading, based on a 6 month average of around 16p.